The Indian stock markets have seen a black Friday with both NSE Nifty and BSE Sensex losing more than 3.5% each. They extended their losses to the sixth consecutive session amidst growing fears over coronavirus. The analysts expected the Indian markets to stay volatile as the GDP data is due to release later today.
VIX, India’s volatility index gained more than 24% in the opening bell. Infosys, Hindalco, Yes Bank, Tata Steel, Tata Motors, and Vedanta were the most significant losers today in the Nifty index. On the BSE front, Vedanta, Dish TV, GMR Infrastructure, Allahabad Bank, and Future Consumer lost the most.
The shares of Indian Tobacco Company (ITC), L&T, HDFC Bank, Indiabulls, Tata Motors, Reliance, Vodafone Idea, SBI, IRCTC, and Yes Bank were traded with a high volume on Friday. Nifty has now declined 6% this week. Vedanta, Hindalco, Tata Motors, JSW Steel, and Tata Steel were the top losers.
More than 350 stocks have fallen to their 52-week low on the Bombay stock exchange, and the following are a few of them; Hero MotorCorp, TVS Srichakra, PNB Housing Finance, Mahindra & Mahindra, HPCL, GIC Housing, GAIL, Bosch, DP Corp, BHEL and Birla Tyres.
Also Read: Indian Benchmark Indices Drop Well Below Their Crucial Levels
Furthermore, the shares of Mahindra CIE, PowerGrid, Coal India, Hindustan Zinc, and Marico have are on the verge of touching their 52-week low. The share markets around the globe are facing one of the worst weeks since the 2008 subprime mortgage crisis which shook the world economy back then.
The coronavirus outbreak has made indices around the globe losing significantly this week. The BSE Sensex has shed about 3.5% in a week and 6.43% this year. The NSE Nifty has dropped about 3.7% this week and 7.15% year to date. Sector-wise, Nifty Media and Nifty meta have fallen 4.6% and 5.25% respectively.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
