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Monday Deprivation Marks The Worst Day For Sensex

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Monday deprivation marked the biggest crash in Sensex’s history. BSE Sensex ended 1942 points lower at 35,635 while the NSE Nifty settled at 10,451, down 538 points. The stocks crash wiped out Rs 6.50 lakh crores of equity investors’ wealth.

Fears about the spread of coronavirus and a crash in crude oil prices gave ammunition to the bears to push the domestic equity indices lower in Mumbai trading. Investors panicked over the economic damage from the coronavirus outbreak.

Heavy selling by foreign investors and doubts over stability in Indian financial systems following the crisis at India’s 5th largest private lenders YES Bank also moistened the mood.

Prices of Crude Oil tanked over 30% following Saudi Arabia’s decision to cut prices and raise production after the talks with OPEC+ countries fell out, marking the biggest price crash since the first Gulf War. This led to a crash in the shares of major energy firms in India including Reliance Industries and ONGC that fell up to 12%.

Non-stop selling by the foreign institutional investors added to the woes of Dalal Street. In the last 15 sessions, FPIs have withdrawn a net Rs 21,937 crores from Indian equities, NSE data compiled by Accord Fintech showed. February 24 onwards, FIIs have been net sellers of equities in India every day.

Market stager as Raamdeo Agrawal blamed it on ETF redemption by foreign investors amid a risk-off sentiment pervading financial markets globally, which has led to bulk withdrawals.

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Above Stocks Team

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