Markets Open Lower As Sell Off Continues

Sensex fell 373 points or 1.32 per cent at 27,891 while Nifty dipped 106 points or 1,29 per cent at 8,146. Banking stocks took the worst hit with Nifty Bank down 3.2 per cent.

New Delhi: As the number of Covid 19 cases continues to spike, Indian stock markets opened lower on Friday as investors continue to press the sell button. Sensex fell 373 points or 1.32 per cent at 27,891 while Nifty dipped 106 points or 1,29 per cent at 8,146. Banking stocks took the worst hit with Nifty Bank down 3.2 per cent. Of 30 Sensex shares,  around 18 were in the red. Even banking stocks are bleeding after the rating agency Moody’s on Thursday revised the outlook for the Indian banking system to negative from stable, caused by disruptions in economic activity due to Covid-19 outbreak and an ensuing deterioration in asset quality. Indian rupee fell in the early trade opened 39 paise lower at 76.05 per dollar against Tuesday's close of 75.66. Markets witnessed the worst sell-off in March since the global recession fuelled by the spike in the number of Covid 19 cases. The NSE100 index fell 22.84 per cent in March 2020. The fall in October 2008 was 26.7 per cent. Asian stocks opened on a mixed note. Tokyo stocks opened higher on Friday after four days of losses. The benchmark Nikkei rose 1.22 per cent or 218.05 points to 18,036.77 in early trade while the broader Topix index gained 1.19 per cent or 15.76 points to 1,345.63. Meanwhile, US equities ended on a session higher on Thursday with energy shares ending up positive. The Dow Jones Industrial Average jumped 469.93 points, or 2.24 per cent, to 21,413.44. The S&P 500 was up 56.40 points, or 2.28 per cent, to 2,526.90. The Nasdaq Composite Index rose 126.73 points, or 1.72 per cent, to 7,487.31, Xinhua reported. All the 11 primary S&P 500 sectors climbed, with energy up 9.08 per cent at the close, outpacing the rest. In the week ending March 28, US initial jobless claims, a rough way to measure layoffs, hit 6,648,000, an increase of 3,341,000 from the previous week's revised level, the Bureau of Labor Statistics reported Thursday.