Sensex bleeds despite brief halt, currency and equity markets headed for worst crash

Source : SIFY
Author : Finance Desk
Last Updated: Mon, Mar 23rd, 2020, 14:14:56hrs

Mumbai: Indian stock indices are headed for what looks like the worst trading session ever. At 13:15 hrs, the thirty scrip BSE Sensex nosedived by 11.49 percent to trade at 26479.71, 3436.25 points down to 26,456.65.  

The rout has come up even as a 45 minute halt in trading was initiated early in the first half of trade on Monday.

The Nifty50 turned 974.80 or 11.15% in the red to quote 7,770.65 at the same time. Around 9.58 a.m., Sensex fell 2,991.85 points or 10 per cent to 26,924.11. It had opened at 27,608.80 and has so far touched a high of 27,900.83. The Nifty was at 7,903, lower by 842.45 points or 9.63 per cent from its previous close.


An image of a Sensex intra-day Chart taken at 1:15 PM.  

Indian equities are turning in the negative even as the nation saw a rise in pandemic Coronavirus cases. Several states have enforced rules to prevent crowding at places and the central government has asked people to avoid non-essential traffic. A lockdown has been reported in 75 districts even as the number of confirmed cases in the country crossed 400 (415 as on 10:30 AM).  

The overall pandemic situation has turned daily lives chaotic and confused investors into whether to hold their portfolio or prefer liquid cash or other safe-haven instruments. The extreme bearish trend is only visible in the broader sense of how markets have performed:  

Market-capitalization has sunk to 103.86 lakh crores. On Jan 17 2020, BSE market capitalization stood at Rs 160.57 lakh crores.  

2,206 stocks traded, Only 222 advanced while 1,860 declined. 1,059 stocks at 52 week lows as against 13 stocks at 52 weeks high.  

 514 stocks hit upper circut, 53 stocks hit high circuit.  

With stocks being dumped by investors, the Indian currency is fast losing its sheen and in a major shocker, the Indian Rupee touched a low of 76.90 against the US Dollar.  

In Commodities markets, in MCX, Gold Futures traded to a 281 point or 0.70% intra-day loss to trade at Rs 40,077. In International markets Gold saw a decline to $1488.50 per troy ounce, down by 0.7 percent in intra-day. Surprisingly the pandemic did not boost a mad scramble for Gold, given the yellow metal is considered a safe-haven instrument. Gold in international spot markets has slipped from $1681.75 to the current levels.