India markets close in 56 minutes

Investors lose Rs 1.42 lakh crore wealth in opening trade; what’s dragging Sensex, Nifty today

Surbhi Jain
Sensex, Nifty

Domestic equity market benchmarks Sensex and Nifty, plunged on Monday as the cases of the novel coronavirus increased over the weekend in India and elsewhere. In the opening trade on Monday, the 30-share index Sensex dropped 1,000 pts to 28,708, while the broader Nifty 50 index fell below 8,350 levels. All 30 constituents of the S&P BSE Sensex were in deep sea of red with IndusInd Bank down over 10 per cent in the initial trade, followed by Bajaj Finance and M&M.

BSE-listed companies market cap- The market capitalisation of all BSE-listed companies stood at Rs 1.11 lakh crore on Monday morning, down from Rs 1.12 lakh crore on Friday. In the initial trade, investors lost around 1.42 lakh crore worth wealth.

Coronavirus cases in India- Fast-spreading coronavirus cases in India continued to dictate market movement as the cases in the country crossed 1,000-mark on Sunday. However, trimming some of the opening losses, the S&P BSE Sensex was trading 542 points or 1.82 per cent lower at 29,273, while the Nifty 50 index was ruling at 8,501, down 151 points or 1.74 per cent around 10.30 AM.

IT stocks trade higher- As many as 24 stocks out of 30 Sensex stocks were trading in red. IT stocks such as Tech Mahindra, TCS and HUL were leading on the index. However, Bajaj Finance was the top Sensex loser, down 8.25 per cent, followed by M&M and HDFC. Most of the Nifty sectoral indices were trading in a negative territory. Nifty Pharma index was trading 1.63 per cent higher led by gains in Cipla, Dr, Reddy's and Lupin. On the flip side, Nifty Bank index was down 2.17 per cent, weighed by weakness in IDFC First Bank, RBL Bank and Federal Bank.

Global markets- Asian shares slid on Monday as fears mounted that the global shutdown for the novel fast-spreading coronavirus (COVID-19) could last for months, doing untold harm to economies. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%, while South Korea shed 2.7%. On Wall Street, the Dow Jones Industrial Average slumped 4.06% to end at 21,636.78 points, while the S&P 500 lost 3.37% to 2,541.47. The Nasdaq Composite dropped 3.79% to 7,502.38.

Oil prices plunged- In commodities segment, Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. US benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23, AFP reported