Sensex Crashes Over 2000 Pts In Massive Plunge; Nearly Rs 5 lakh Cr Investor Wealth Wiped Off

Amid rapidly-spreading coronavirus and sinking crude prices, Sensex witnessed a sink of over 2300 points on Monday.

New Delhi: Equity benchmark Sensex crashed over  2,000 points on Monday, led by a deepening rout in global markets amid rapidly-spreading coronavirus and sinking crude prices, while Nifty slipped  580 points to below 10,500.  The massive plunge of 2350 points has broken previous records of decline in the last ten years. This is the first time since December 2018, that the share marked slipped below the 35199 mark. Earlier it was reported that Global oil benchmark Brent crude futures plunged nearly 30 per cent to USD 32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40. In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45. On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed. ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra. Sun Pharma was the sole gainer. Nearly Rs 5 lakh cr investor wealth wiped off in early trade as markets plunge Investor wealth plummeted by nearly Rs 5 lakh crore in early trade on Monday as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak. Market capitalisation (m-cap) of BSE-listed companies saw a massive decline after the 30-share index plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40. The carnage in the equity market wiped out investor wealth worth Rs 4,79,820.87 crore, taking the total m-cap to Rs 1,39,39,640.96 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,44,31,224.41 crore at the end of trading on Friday. Traders believe mounting fear of recession in major economies due to the coronavirus outbreak has sent equities into a downward spiral. The overall confirmed cases on the mainland reached 80,735 by the end of Sunday which included 3,119 people who have died so far, 19,016 patients undergoing treatment and 58,600 patients discharged after recovery, China's National Health Commission, (NHC) said. All Sensex components were trading in the red, led by losses in ONGC, Reliance, IndusInd Bank, Tata Steel, L&T, ICICI Bank and Infosys. Traders said investor sentiments also remained fragile amid incessant foreign fund outflows. On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore on Friday, data available with stock exchanges showed. According to Moody's Global Macro Outlook 2020-21, coronavirus will hurt economic growth in many countries through first half of 2020. The global spread of the coronavirus is resulting in simultaneous supply and demand shocks, it said. "We expect these shocks to materially slow economic activity, particularly in the first half of this year. We have therefore revised our 2020 baseline growth forecasts for all G-20 economies," the report added. On the BSE, 1,745 scrips declined, while 222 advanced and 101 remained unchanged. Meanwhile, oil prices were in a free fall, plunging nearly 30 per cent to USD 32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. (inputs from PTI)