Bears resumed their run on Dalal Street today with the Sensex logging its second-biggest drop in absolute terms, as the coronavirus pandemic continued to wreak havoc on the global markets. Sensex and Nifty had plummeted 2,919.26 points and 868.25 points, respectively on March 12 this year. While Sensex fell 2,713.41 points or 7.96 per cent to finish at 31,390.07, Nifty gave up the 9,200 level, slumping 757.80 points or 7.61 per cent to end at 9,197.40. All Sensex stocks closed in the red. Top Sensex losers were IndusInd Bank (17.50%), Tata Steel (11.02%) and HDFC (10.94%).
On Friday, after a 3,390 points fall intra day, Sensex closed 1,325 points or 4.04% higher at 34,103. Nifty too closed 365 points or 3.81% higher at 9,955 compared to the previous close of 9,590. BSE mid cap and small cap indices ended 750 points and 666 points lower today. Market breadth was negative with 411 stocks ending higher compared to 2,047 falling on BSE.
Banking , consumer durables and IT stocks led the losses with their BSE indices falling 2416 points , 1407 points and 1039 points, respectively. All BSE sectoral indices ended in the red.
On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 3,809 crore today, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,614 crore, provisional data available with BSE showed.
Asian markets nosedived after China's factory output and retail sales data came in sharply lower, fanning fears of a coronavirus-triggered economic slump.
Dalal Street was buzzing with speculation of an inter-meeting rate cut by the RBI as well after Governor Shakitkanta Das called a press conference post market hours.
However, the Reserve Bank stopped short of announcing a rate cut but hinted at doing so at the next MPC meeting on April 3, even as it rolled out more liquidity enhancing measures.
"Easing monetary policy action from central banks across the globe highlights that the impact of coronavirus is worse than thought. Economic, trade and travel shutdown are impacting equities across the globe," said Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile, the US Fed on Sunday made its second emergency rate cut in less than two weeks, slashing the benchmark borrowing rate to a range of 0-0.25 per cent, where it was during the 2008 global financial crisis.
Elsewhere in Asia, bourses in Shanghai dropped 3.40 per cent, Hong Kong 4.03 per cent, Seoul 3.19 per cent and Tokyo cracked 2.46 per cent.
European bourses too tumbled up to 8 per cent in opening trade as much of the region went into shutdown mode. Brent crude oil futures melted 7.53 per cent to USD 31.30 per barrel. The rupee depreciated 55 paise to 74.31 per US dollar (intra-day). Covid-19 has claimed over 6,000 lives and infected more than 1,62,000 people across the globe. The number of infected cases in the country stood at 110 on Monday, the Union Health Ministry said.