Nifty, Sensex Post Biggest One-Day Drop Since August 2015
Closing Bell: Benchmarks Post Biggest One-Day Fall In Almost Five Years
Indian equity markets posted their second straight day of losses, roiled by weak global cues and rising cases of Coronavirus in the Country. The S&P BSE Sensex index closed at 35,634, down by 5.17 percent, the worst fall since August 24, 2015. The index closed at its lowest level since February 19, 2019.
The NSE Nifty 50 index too fell 4.97 percent to close at 10,443. This was also the worst fall for the index since August 24, 2015. The 50-stock benchmark ended at its lowest level since November 01, 2018.
Only four out of the 50 Nifty stocks ended with gains.
Reliance Industries (132 points), ICICI Bank (45 points), TCS (38 points) and HDFC (34 points) were the top contributors to the Nifty downside in terms of points.
Market breadth remained in favour of the declines. 1,413 stocks ended the day with losses while only 175 managed to eke out gains.
Nifty's Top Laggards
BloombergQuint Market Wrap
Pause In ETF Selloff May Bring Stability Back To Markets: A Balasubramanian
It is the ETF flows that are taking the markets lower, according to A Balasubramanian of Aditya Birla Sun Life AMC. He made these comments in an interaction with BloombergQuint.
Here are some of the other key takeaways from the interaction:
- The oil dynamic is changing more towards $30-40/barrel kind of range.
- With oil price being so low, if U.S. shale gas goes out of business because of high costs, we could probably see a recessionary trend globally.
- From India's perspective, the low oil prices may be an opportunity.
- The bigger issue for Indian markets is the ETF flows, which are taking the markets down. The ETF selloff in my view may not last for too long, which in turn, will bring back some stability.
- Having seen such a sharp fall, one must consider lump sum investment over SIPs.
Large Trade Alert: Fortis Healthcare
10 lakh shares of the hospital chain changed hands in a large trade on the National Stocks Exchange, as per Bloomberg data. Buyers and sellers in the trade were not immediately known. The stock trades 4 percent lower at Rs 143.35 as of 3:10 PM.
ONGC Trades At A 15-Year Low
Share price of the upstream oil explorer fell as much as 16.27 percent to Rs 74.10 on the National Stock Exchange. These are the lowest levels seen since August 2004.