The Indian benchmark indices started the week on a poor note as they collapsed over 2% by the close of Monday’s trading hours. The fall in the stock markets has resulted in investors losing nearly Rs 4.58 lakh crore. The Indian cues followed their global peers, who were mostly gripped by a strong bearish trend.
The S&P BSE Sensex closed the day at 38,034.14 points. It tanked 2.09% or 811.68 points. The market trend on Monday was such that only 3 of the 30 Sensex stocks managed to close in the green while the rest folded in the red. Kotak Bank, Infosys, and TCS are the ones whose share price advanced. They increased by 0.86%, 0.67%, and 0.57% respectively.
IndusInd Bank and Bharti Airtel emerged as the top losers in the index. Their share price went down by a massive 8.67% and 5.81% respectively. Tata Steel and ICICI Bank followed them; their share price went down by 5.58% and 5.15% respectively. Giants SBI and RIL saw their share price losing 3.53% and 2.18% respectively.
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The NSE Nifty closed Monday at 11,250.55 points. Over the day, it gave up 254.40 points or 2.21%. As many as 47 of the 50 stocks that constitute the Nifty index closed the day in the unfavourable terrain while the remaining three folded the day in the favourable terrain.
Amidst the adverse developments in the markets, India VIX, the volatility gauge, added 10.69% or 2.14 points to its tally to the end of the day at 22.19 levels. None of the sectoral indices on the National Stock Exchange (NSE) advanced, NSE Nifty Realty lost the most as it plummeted 5.64%.
The fall in the stock markets is attributed to the rising coronavirus infections across Europe. The European shares have also begun the week on a poor note while Asian cues closed Monday in the red.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
