Sensex Drops 300 Points While Rupee Touches 76.44 a Dollar

The Indian stock markets have not reacted positively to the lockdown 2.0. Both S&P BSE Sensex and NSE Nifty 50 ended Wednesday on a negative note. The nation is under lockdown until 3 May 2020. However, there is speculation that there would be some relief provided post 20 April. 

The Indian benchmark indices slipped into negative terrain after opening the day on a positive note. They have closed the day nearly 1% lower. The losses in the indices are attributed to the possible economic downturn on the back of the country being imposed with another lockdown. However, one should note that saving lives is more important at the moment. 

Also, the International Monetary Fund (IMF) issued a statement in which it said that the global economy is currently experiencing the worst downfall since the Great Depression back in the 1930s. Due to this, the market sentiment and investors’ confidence were affected and induced the indices to enter their red zone.

Also Read: Sensex Zooms 1,266 Points While Nifty Ends Above 9,100 Levels

The BSE Sensex dropped 310 points or 1%. It ended the day at 30,379.81 points. The index fell a massive 1,188.55 points from its day high of 31,568.36 levels. The fall in the index was led by Bajaj Finance, HDFC twins, and Reliance Industries. On the other hand, Hindustan Unilever (HUL) gained the most (6%). 

The NSE Nifty 50 too experienced a fall today. It ended Wednesday in the negative territory by witnessing a fall of 0.76% or 68.55 points. It closed the day at 8,925.30 points. The sectoral indices also slumped. The NSE Nifty Bank index shed more than 2% to close at 19,057 points. 

The NSE Nifty Financial Services index tanked 2.75% to close Wednesday at 9,239 points. On the contrary, the NSE Nifty Realty index shot up around 2%. The Indian rupee dropped 17 paise against the United States dollar. It has now recorded its fresh low at 76.44 against the greenback. 

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

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