Nifty Slides to Three Year Low, Sensex Sheds 811 points

The bears have gained the upper hand over the bulls yet again as both NSE Nifty 50 and S&P BSE Sensex closed Tuesday in negative terrain. The Indian benchmark indices dropped more than 2.5% today amidst growing fears of coronavirus infection which has now halted trade activities across the world. 

The BSE Sensex lost 2.58% or 811 points to close the day at 30,579 points. Among the stocks of the BSE Sensex, ICICI Bank lost the most by losing nearly 9%. Hindustan Unilever (HUL) gained the most among all stocks of the BSE Sensex. The BSE Sensex had opened the day at 30,579 points. 

The NSE Nifty 50 index dropped below its crucial level of 9,000 points. It ended the day at 8,967 points, shedding 2.5% or 230 points. The volatility index VIX eloped 7% to touch the 62.88 levels and ended the day at 80.68 points. The fall of the Asian indices had indicated a weak start for the Indian indices on Tuesday. 

Also Read: Coronavirus Wrecks Havoc on the Indices; Sensex Falls Below 34,000 Points

On the brighter note, the Yes Bank share gained over 59% to close the day at Rs 59 a share on the National Stock Exchange (NSE). The IT giant Infosys lost as much as 4.7% to record its 52-week low. The share price of Zee Entertainment Enterprises (ZEEL) fell 20% to record its 7-year low at Rs 133 a share. 

The latest development around the ZEEL comes on the back of the Enforcement Directorate (ED) issued summons to Subhash Chandra over the alleged money laundering case in association with Rana Kapoor, the Yes Bank founder. 

The S&P BSE MidCap index trimmed 2% to settle at 11,670 points while the S&P BSE SmallCap closed Tuesday down by 2% at 10,844 points. The Indian rupee began the day at 74.5 against the American dollar, down eight paise.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in