Markets: Covid bear attacks Indian stocks, Sensex plunges over 980 points
New Delhi: With China, the “factory of the world”, facing its worst crisis in decades because of the Covid-19 tsunami, and the resultant growing uncertainties across the world economy, bears attacked Indian stocks pushing benchmark Sensex down by over 980 points when the markets closed for the week on Friday.
Amid uncertain global business sentiments, bears sneaked on Dalal Street as the pandemic scare loomed. Since India also started taking early precautionary measures, the probability of the return of the Covid curbs sparked slowdown fears. With this, equity markets settled lower for a fourth consecutive day.
The S&P BSE Sensex slumped 981 points or 1.6 percent to end at 59,845 points, its lowest level since October 28. The index hit an intra-day low of 59,766 during the day dragged down by Tata Steel, Tata Motors, SBI, Bajaj Finserv, Wipro, IndusInd Bank, Reliance, and L&T, which shed 2-5 percent.
The Nifty50 ended at 17,807, down 321 points or 1.8 percent. The index sank to a low of 17,779 during the day.
The pain was more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 percent, respectively.
Public sector banks led the broad-based selling, with the Nifty PSU Bank Index tumbling nearly 6 percent.
This was followed by the Nifty Metal Index (down over 4 percent), and the Nifty Realty index (down 3 percent).
(VP)
