Sensex plummets 2,400 points, Nifty plunges below 10,400
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The S&P BSE Sensex was down over 2,406.02 points, or 6.40 per cent, at 35,170.60 levels. The NSE Nifty too cracked 665.85 points, or 6.06%, to 10,323.60.
Domestic stock market indices on Monday continued its bear run with the BSE Sensex plunging over 24,00 points.
The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic.
At 1:30 pm, the S&P BSE Sensex was down over 2,406.02 points, or 6.40 per cent, at 35,170.60 levels. The NSE Nifty too cracked 665.85 points, or 6.06%, to 10,323.60.
ONGC (down 15%), Reliance Industries (down 13%), IndusInd Bank (down over 8.5%), and Tata Steel (down over 7%) were the top laggards in the Sensex pack.
On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed.
Reliance Industries Limited share price dropped 11% on Monday as crude oil prices plummeted on the back of a planned increase in crude oil output by Saudi Arabia after OPEC+ failed to reach a deal.
Banking shares also slumped to a more than 13-month low as the crisis at Yes Bank Ltd spooked investors and sparked concerns about the broader sector.
Yes Bank, weighed down by an increasing pile of bad debt, had struggled for months to raise the capital it needs to stay above regulatory requirements, without any success.
The Reserve Bank of India (RBI) took control of Yes Bank last Thursday, imposing limits on withdrawals to protect investors and saying it would work on a revival plan. Yes Bank’s shares plummetted 56% the following day, leading to a rush by depositors to withdraw funds from the bank.
(With inputs from agencies)