Dalal Street witnessed a Black Friday with Sensex and Nifty falling over 3% each today, extending losses for the sixth straight session in a row on growing coronavirus fears in global markets. This was coupled with anticipated volatility ahead of the GDP data release later in the day. India's volatility index VIX jumped over 24% in opening bell.
Vedanta, Tata Motors, Tata Steel, YES Bank, Hindalco and Infosys were the top losers on Nifty today. On the other hand, Future Consumer, Allahabad Bank, GMR Infrastructure, Dish TV and Vedanta were the top losers on BSE.
Top stocks with heavy volume traded today were YES Bank, IRCTC, SBI, Vodafone Idea, Reliance, Tata Motors, Indiabulls Housing Finance, HDFC Bank, Larsen and Toubro and ITC. They were also among the top trending stocks on Sensex.
With yet another fall in this week, Nifty has declined 6%. Top losers were Vedanta (18.5% ) Hindalco (16% ), Tata Motors (16%), JSW Steel (15%) and Tata Steel (13%).
Over 350 stocks hit fresh 52-week low today on BSE that included BHEL, Birla Tyres, Central Bank, DB Corp, Cummins, Bosch, Dish TV, GAIL, GIC Housing Finance, HPCL, Indian Bank, Jain Irrigation, Mahindra & Mahindra, Nalco, Oil India, PC Jeweller, PNB Housing Finance, Punjab National Bank, Raymond, Sunteck Realty, Syndicate Bank, Tata Power, Tata steel, TVS Srichakra, Wipro, ITC, ONGC, Hero MotorCorp, L&T, Hindalco and Vedanta.
In the meanwhile, Marico, Coal India, Hindustan Zinc, PowerGrid and Mahindra CIE were trading close to thier respective 52-week lows today.
Global shares are on course for the worst week since the 2008 crisis amid virus outbreak that has rattled global equity markets and caused the economic slowdown.
This pandemic led indices across the globe to witness a sharp fall this week. Sensex has erased 3.50% in one week, 3.40% in one month and 6.43% year-to-date. Nifty has fallen 3.70% in one week, 4% in one month and 7.15% year-to-date.
In terms of sector-based decline on NSE, Nifty metal fell the most, dropping 5.25%, followed by a 4.6% fall in media. IT, PSU bank and realty fell 3.5% each, while pharma, financial services, FMCG declined around 2-3%.
Commenting on today's crash, Ajit Mishra, VP Research, Religare Broking said,"The Indian markets tracked the rout in global indices and crashed as coronavirus' repercussions on the global economy continue to deepen. There are concerns that the outbreak is spreading to the world's largest economy - the USA as well as certain parts of Europe and that will adversely impact the global supply chains big time, thereby affecting economic growth of most of the nations. In the Indian markets, even defensives like IT tumbled despite a weak rupee indicating increasing anxiety amongst investors. Although Q3 GDP data is lined up today which is expected to bottom out, in the coming days, the pandemic will be the biggest factor influencing the market behaviour."
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