Markets tumble: Investors stay in risk-off mode

Published: April 4, 2020 5:15:17 AM

The fall in financial stocks contributed nearly two-thirds to the Sensex’s 674.36-point decline. The Bank Nifty slid 5.3% or 959 points on Friday to settle at 17,249.30; the gauge is nowdown 47% from its January peak.

The fall in financial stocks contributed nearly two-thirds to the Sensex’s 674.36-point decline.

By Urvashi Valecha

Stocks, bonds and the rupee all sold off on Friday on heightened concerns over the economic fallout of the pandemic. With no sign of a fiscal stimulus package so far and apprehensions the government may borrow more from the market, investors of all hues took risk off the table.

The yield on the benchmark bond surged 17 basis points to close at 6.305% while the Bank Nifty plummetted nearly 1,000 points. The sell-off in the equities market, the spike in prices of crude oil and a stronger dollex saw the rupee fall 53 paise all the way to 76.13 against the dollar.

The fall in financial stocks contributed nearly two-thirds to the Sensex’s 674.36-point decline. The Bank Nifty slid 5.3% or 959 points on Friday to settle at 17,249.30; the gauge is nowdown 47% from its January peak. HDFC Bank, which enjoys the highest weightage of 10.4% in the Nifty50 declined another 2.3% on Friday, taking this year’s plunge to 36%. With the intensified selling in shares of banks and NBFCs, the weightage of financial services in the Nifty50 has also declined by 5.4% to 36.5%.

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