Last hour sell-off drags Sensex 800 pts down, ICICI Bank slips 9%; Key factors from today’s trade

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March 17, 2020 4:48 PM

S&P BSE Sensex tumbled 810 points or 2.58 per cent to 30,579, while the broader Nifty 50 index closed at 8,968, down 230 points or 2.51 per cent. 

With no respite in Indian share market, Sensex and Nifty plunged over 2.5 per cent lower on Tuesday amid global sell-off which was triggered by the fast-spreading coronavirus (COVID-19) across the globe. “After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in Financials. European markets and Dow futures added to the negativity. Covid-19 showed no signs of abatement and with Central Banks monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus,” Vinod Nair, Head of Research at Geojit Financial Services said.

What dragged Sensex 800 points in last hour-

Nifty below 9k for the first time since March 2017- S&P BSE Sensex tumbled 810 points or 2.58 per cent to 30,579, while the broader Nifty 50 index closed at 8,968, down 230 points or 2.51 per cent. 

ICICI Bank plunges 9%- As many as 21 stocks out of 30 Sensex stocks finished in red. ICICI Bank was the top Sensex loser, down 8.95 per cent at Rs 366.85, followed by IndusInd Bank, Bajaj Finance and HDFC. Conversely, HUL was the top Sensex gainer, up 3.5 per cent to Rs 2,009. Hero MotoCorp, Power Grid, Maruti and Asian Paint were among other gainers on the index. 

Nifty Private Bank index top loser- Barring Nifty FMCG index and Nifty Pharma index, all the sectoral indices finished in red. Nifty Private Bank index was the top laggard, down 4 per cent dragged by IndusInd Bank, ICICI Bank and Federal Bank. While the Nifty FMCG index settled higher in an otherwise weak market led by gains in Godrej Consumer Properties, HUL and Dabur India.

Technical Observation- “Nifty slipped into weakness on Tuesday amidst high volatility and closed the day lower by 2.5%. A long bear candle was formed on Tuesday, after opening higher. Technically, this pattern indicates a continuation of down trend in the market.

Coronavirus death toll rises in India– A coronavirus patient in Maharashtra has died taking the death toll in India to three, PTI reported quoting the Health Ministry. According to the latest data from the Ministry of Health, India has 125 positive cases of COVID-19. Maharashtra has maximum 36 cases as per its data and Kerala has 22.

Markets on March 18- On the domestic front, the markets will continue to follow the global cues and therefore further downside cannot be ruled out in the near-term. In these uncertain times, we suggest market participants to avoid risky bets and start investing in a phased manner, says Ajit Mishra, VP – Research, Religare Broking Ltd.

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