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Despite DII-led 5,400 point recovery, bears trampled bulls last week

While foreign institutional investors (FIIs) withdrew Rs 19,613.81 crore from Indian markets, domestic institutional investors (DIIs) pumped in Rs 17,596.4 crore in four sessions last week

Aseem Thapliyal        Last Updated: March 16, 2020  | 23:12 IST
Despite DIIs-led 5,400 points recovery, bears trampled bulls last week
The highest DII buying was witnessed on Friday when Nifty hit circuit breaker of 10% within 10 minutes of opening

The coronavirus infection which Indian market caught last week saw Sensex logging its biggest ever loss (2,919 points) and its largest intra day (5,431 points) recovery.  Despite over 5,400 point rally on Friday, Sensex ended the week 3,473 points lower as world economy stared at the prospects of recession on coronavirus scare. While foreign institutional investors (FIIs) withdrew Rs 19,613.81 crore from Indian markets, domestic institutional investors (DIIs) pumped in Rs 17,596.4 crore in four sessions last week.

The highest DII buying was witnessed on Friday when Nifty hit circuit breaker of 10% within 10 minutes of opening. Nifty plunged 966 points or 10.07% to 8,625 in early trade which led to trading for 45 minutes.

Trading was halted for 45 minutes after which a preopen session of 15 minutes came into effect. Trading on Sensex was also halted after the Nifty hit the circuit filter of 10%.

After market re-opened, Sensex further plunged to intra day low of 29,388.

However, no one knew that the index would log its biggest intra day recovery ever in the next few minutes, thanks to DIIs rushing to the rescue of crumbling benchmark indices.

While, Sensex gained 5,431 points from its intra-day low, Nifty too zoomed 1,604 points from day's low of 8,555. Brokers said DIIs led by public sector insurers and firms bought stocks heavily to save the day for Sensex and Nifty which have been hit by coronavirus concerns surrounding the globe.  DIIs bought stocks worth Rs 5,867.90 crore which led to recovery that day.

At end of last week, more than 4,900 people had died and over 132,000 were infected globally, according to the WHO.

In India alone, total number of confirmed COVID-19 cases had reached 81, with new cases emerging in Andhra Pradesh, Karnataka, Kerala, Delhi and Uttar Pradesh.

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