The trading in Indian domestic market ended approximately 6 percent lower this week. It was dragged by private banks, IT and metal stocks. On a global level also stocks were traded negatively due to the rising US-China tensions over the coronavirus and oil prices. All of these further turned investors way more cautious than before.After these, Indian as well as global markets tanked eroding massive investors’ wealth.
Currently, it is inexplicable to gauge the extent of loss and deterioration the spread of virus could further bring to the global trading markets.
The S&P BSE Sensex closed 2,002 points or 6 percent lower at 31,715 while the Nifty index ended at 9, 293, down 566 points. Private Banking sector remained the worst-performing index. It was down by 8 percent. 47 out 50 index constituents ended with a red mark today.
The top gainers in the Nifty50 trading were Cipla, Bharti Airtel, and Sun Pharma. Whereas,on the other hand Hindalco, ICICI Bank, Vedanta, Bajaj Finance and HDFC remained the index top losers.ICICI Bank hit 10% lower limit and triggered a temporary trading halt.
Market loses its 4-day gaining streak and got away with over 80 percent of last week’s gains.Frontline indices record the biggest single-day fall in two weeks.46 Nifty stocks closed ended with a downward arrow. Financials and metals were the top losers.
Stocks of ICICI, Hindalco, HDFC were among the 8 stocks which fell in double digits.Reliance announced an investment of Rs 5,656 crore by Silver Lake in Jio Platforms. The Volatility Index, India VIX surged 28 percent to close approximately at the level of 44.
The Indian rupee also ended lower by 61 paise at 75.71 per dollar. On Thursday it closed at Rs. 75.10. US-China’s rising tensions over the Coronavirus spread has caused severe disruptions in the global trade. US President Donald Trump remarked that it has ‘evidence’ that coronavirus came from a Chinese laboratory.