All the Nifty sectoral indices were trading in deep sea of red, down in the range of 7-13 per cent. Nifty IT index was down 13.15 per cent dragged by Just Dial, HCL Tech and Hexaware
Domestic equity market benchmarks Sensex and Nifty hit lower circuit amid panic selling triggered by coronavirus across the globe. Sensex dropped 2,600 points or 7.92 per cent to trade at 30,182, while the broader Nifty 50 index fell to 8,834, down 755 points or 7.88 per cent. “The market direction will continue to be dictated by Coronavirus update as World Health Organisation (WHO) has declared the virus as a ‘pandemic’ creating panic amongst investors. We expect volatility to remain high in the markets given uncertainty across the globe,” Ajit Mishra, VP – Research, Religare Broking Ltd said
Trading halts for 45 mins- As Nifty tanked 10 per cent to hit lower circuit, trading has been halted for 45 minutes. Now, the markets will open for a pre-opening session on 10:05 AM, which will last for 15 minutes and post that markets will resume normal trading from 10:20 AM.
- Nifty may hit 15,400 in medium term; BFSI, infra sectors, HDFC, RIL, Titan stocks look strong on charts
- Nifty may trade in 14,400-15,000 range this week, Bank Nifty below 20, 50, 100 day SMAs; Wipro, Cipla in focus
- Bharti Airtel, Cipla, SBI, Gland Pharma, Tata Motors, L&T, Jindal Stainless stocks in focus
Nifty IT index drops over 13 per cent- All the Nifty sectoral indices were trading in deep sea of red, down in the range of 7-13 per cent. Nifty IT index was down 13.15 per cent dragged by Just Dial, HCL Tech and Hexaware. Similarly, Nifty PSU Bank dropped 13 per cent weighed by Bank of Baroda, Indian Bank and Canara Bank.
Global markets- Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened. Japan’s Nikkei dropped 10 per cent, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2 per cent, Australia’s benchmark fell 7.6 per cent and Hong Kong’s Hang Seng index fell 6.8 per cent. On Wall Street stocks plunged around 10 per cent. The US markets halted trading for 15 minutes after S&P 500 hit downdraft circuit breakers.
Coronavirus cases touch 74- A total of 74 positive cases of Coronavirus have been traced in India, according to the data provided by the Union health ministry. A maximum of 17 positive cases have been reported from the state of Kerala including the three cured patients who had returned from China’s Hubei province. A 76-year-old man from Karnataka became the first casualty of Coronavirus in India.