Oil, Banking and metal stocks tank, Monday Blues on Sensex and Nifty

Source : SIFY
Author : SIFY
Last Updated: Mon, Mar 9th, 2020, 14:29:30hrs
Oil, Banking and metal stocks tank, Monday Blues on Sensex and Nifty

Mumbai: The thirty scrip Sensitive BSE Sensex skittled by as much as 1600 points at half-time of the trading session on Monday. At mid-noon the Sensex was trading at 35,995.46, down by 1,581.93 points. 

At 10.50 a.m., the BSE Sensex was trading at 35,931.25, lower than 1,645.37 points or 4.38 per cent from its previous close of 37,576.62.

All stocks on the Sensex were trading in the red. ONGC lost 78.05 points or 12.45% in intra-day while AsianPaints with a 0.66% loss was the most lowest loss in the session so far.

A sharp sell-off has been observed on most sectors, led by financial, metal, energy and IT stocks.

There was ample selling-volume on counters of stocks such as RIL, HDFCBank, SBI, IndusIndBank, and BajajFinance. RIL shares were down to 1154.20 or 9.12 percent in the red over fears of volatility in oil markets.

Post the fiasco at Yes Bank, major banking stocks have been in the red - HDFCBank, ICICI Bank and KotakBank. Surprisingly Yes Bank categorized within the BSE Bankex saw a gain. The stocks were trading at 22.15, up by 36.73 percent in the intra-day session so far. On this index, stocks such as City Union Bank, IndusIndBank, RBL Bank, Federal Bank were trading in the red.

On BSE's Metal index- BSE Metal none of the stocks posted any gain. JSWSteel's 3.29 percent loss was the lowest while  Vedanta with a 9.86 percent loss was the maximum.

On the broader side, most indices on the Bombay Stock Exchange were trading in a loss between 3-4%.

On the National Stock Exchange, the fifty scrip sensitive Nifty 50, slumped over 450 points to trade below the 10,600 mark.

Further, crude oil prices also slumped around 30 per cent on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $31 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.