Rs 5 Lakh Cr Gets Wiped Out In 5 Minutes: 5 Things To Know About The Stock Market Crash

US President Donald Trump blamed the market fall on the media coverage of the coronavirus and concerns about Democrats winning the White House race.

People look up at share prices displayed on a screen in Mumbai on February 28, 2020. (Photo by Punit PARANJPE / AFP)

Mumbai: Overwrought investors pulled out nearly Rs 5 lakh of wealth over fears that the coronavirus outbreak will spread across the world. On Friday morning BSE Sensex tanked over 1,200 points or 2.8 per cent to trade at 38,595 points while the Nifty-50 index was less than the 11,300 mark after losing 343 points or 2.95 per cent. Five Things To Know About The Market Crash

• Tata Steel was among the worst losers with shares tanking close to 8 per cent; it was followed by Tech Mahindra, which fell 5 per cent and Infosys, which fell by 4 per cent. Bajaj Finance, HCL Tech and Reliance Industries also faced losses.
• Despite the market crashing, India Cements rallied the most at 35 per cent. It was followed by Dewan Housing Finance whose stocks went up by 27 per cent, BASF this in line at 25 per cent, Suzlon Energy also was around 25%, Mishra Dhatu Nigam and Navin Fluorine were up by 16 per cent.
• Traders said investor sentiments also remained fragile over incessant foreign fund outflows. On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed. Foreign investors have sold equities worth Rs 9,389 crore so far this week, provisional data on the stock exchanges showed, reported PTI.
• The government will release GDP data later in the day and the growth is likely to remain flatlined many believe and this also seen as a reason for the volatility.
• In the international markets the Dow suffered the worst by shedding almost 1,200 points, while its 4.4 per cent drop marked the worst performance in the last two years. The S&P 500 and Nasdaq also tanked over four per cent, with London, Frankfurt and Paris all registering losses of more than three per cent.

US President Donald Trump blamed the market fall on the media coverage of the coronavirus and concerns about Democrats winning the White House race.