With fears of coronavirus dominating market sentiment, Sensex and Nifty continued their selling streak after a brief pause yesterday, tumbling over 8.7% intra day.
Global markets were bleeding as traders turned jittery amid mounting fears of a recession in major economies due to the coronavirus outbreak. Markets slid again as oil prices dipped after the World Health Organization declared coronavirus a pandemic.
By afternoon session today, indices reacted to the 6% drop in European stocks within minutes of the opening bell and fell further lower. Where 30-share index BSE Sensex has hit a fresh 52-week low at 32,493.10, the 50-share index NSE Nifty has droppedto the intraday low of 9,508.00.
In the meanwhile, India VIX has risen to its lifetime high today 39.54, rising 25.31% or 7.99 points, indicating highest volatility ever faced by the domestic equity market.All 30 Sensex stocks and 50 components in Nifty were trading in the red. All the sectoral indices on NSE were also trading below their respective 52-week lows today.
Axis Bank, ONGC and Tata Steel dropped 10% each, followed by Tata Steel 9%. SBI, Titan and M&M fell 8% and L&T, Reliance Industries were down 7%.
YES Bank was trading as top Nifty loser, falling 12.67%. Shares of Bharat Petroleum traded 12% lower and Vedanta, Axis Bank, Adani Ports dropped 9-10% each.
State Bank of India, Hero MotoCorp, ITC, Coal India were trading 8-9 % lower.
Stocks that hit 52-week lows on Nifty included State Bank of India, Reliance Industries, Coal India, Housing Development Finance Corporation, Indian Oil, Tata Consultancy Services, Larsen & Toubro, UltraTech Cement, UPL Limited, Bajaj Auto, ITC, Wipro, Adani Ports and Special Economic Zone, Mahindra & Mahindra, Grasim Industries, GAIL, Tata Steel, Hero MotoCorp, JSW Steel, HDFC Bank, NTPC and PowerGrid.
Shares of Sun Pharmaceutical Industries, Cipla, Zee Entertainment and HCL Technologies from Nifty were trading close to their 52-week lows. Meanwhile, Asian Paints stock price was trading close to its 52-week high.
COVID-19, that first originated in the Chinese city of Wuhan in December last year, has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. The reported number of infected cases from coronavirus in India has risen to 73 on Thursday. Of this, 56 covid cases are of India nationals, while 17 cases are that of foreigners.