Bloodbath in Indian market as Sensex tanks 1,942 points, NIFTY down by 538 points
Mumbai/IBNS/UNI: Amid the novel Coronavirus scare, crisis in Yes Bank and the downfall in the global market, the stock market in India witnessed a bloodbath with the fall of 1,942 points on Monday.
At the end of the day, Sensex got stagnant at 35,634.95.
NIFTY fell to 10,451.45 with the slide of 538 points.
Russia had opted out of proposed production cuts with OPEC to support falling crude prices. In response, Saudi has decided to hike production to push prices lower further, thereby compelling Russia to return to the negotiating table.
As a result of this move by Saudi, crude prices have plunged 30 per cent on open. Nymex is at USD 29 per barrel and Brent is at USD 33 per barrel.
A USD 10 per barrel fall in crude prices has the following repercussions for the domestic economy.
Investor wealth lost plummeted by nearly Rs 5 trillion in early trade on Monday as equity markets crashed.
In sectoral indices, energy was lost by 7.99% followed by Industrials, Metal, Bankex, Power, Telecom and Metal.
In scrips, ONGS declined by 13.80 per cent, Reliance Industries by 10.66 per cent to Rs 1134.60, IndusInd Bank by 8.45 per cent to Rs 928.55 and ICICI Bank by 7.25 per cent to Rs 451.
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