COVID-19: European stock markets plunge nearly 5% at open

Hong Kong stocks end 4.03% lower

Equity benchmarks Sensex and Nifty fell lower and traded near day's low, with sensex falling over 2,000 points and Nifty trading back below 9,400. This was on back of 5% drop in European markets within minutes of opening bell. Sensex traded 2,175 points lower at 31,928 and Nifty traded 640 points lower at 9,314.

Sensex and Nifty traded 6.7% lower on Monday, amid heavy selling in index heavyweights, tracking sell-off in global indices amid coronavirus scare. All the sectoral indices were trading with sharp losses. Global markets traded lower on Monday after central banks worldwide deepened rate cuts, in a move to curb the economic shutdown due to spreading of COVID-19 virus. 

Resuming its downward spiral, domestic BSE Sensex hit the day' low after dropping 2,182 points to 31,921. Similarly, the NSE Nifty cracked 615 points to 9,339.25. The India Vix index on NSE was trading at 57.23, rising 5.76 points or 11.19%. The equity markets suffered extreme panic selling last week, where the key BSE barometer plunged 3,473.14 points in total.

In domestic cues, RBI on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable. Besides this, investors will be waiting for India Wholesale Price Index-February data, scheduled to be released later in the day.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. 

There are currently 169,610 confirmed cases and 6,518 deaths from the coronavirus COVID-19 outbreak as of March 16, 2020. Of this, 77,776 have been recovered globally. The number of coronavirus cases in India has increased to 110.

No comments

Poster Speaks

Poster Speaks/box