Sensex records worst day in history, crashes 3,934 points


US Fed goes all in Market sentiment got a boost after the US Federal Reserve in a statement overnight said it will do anything in its capacity that is needed to steady the financial system, which helped soothe investor sentiments.

The Nifty50 on the National Stock Exchange also lost over 900 points to trade below the 8,000 mark.

Top losers in the Sensex pack included IndusInd Bank, Titan, L&T, Tata Steel, Asian Paint and ICICI Bank, while HCL Tech, HUL, Infosys and Tech Mahindra were the gainers. On the other hand, the Nifty also closed down at the level of 25,981.24, down by 12.70 per cent i.e. 1,110.85 points.

It had opened at 27,608.80 and has so far touched a high of 27,900.83 and a low of 26,645.83 points.

BSE Sensex yesterday (March 23) closed at 26,060 points and Nifty at 7,636, marking the biggest one day fall in Indian equity markets.

In the previous session, the BSE benchmark plummeted 3,935 points or 13.

In another development, Finance Minister Nirmala Sitharaman said regulators and her ministry are monitoring developments and volatility in stock markets.

Other central banks are also expected to follow suit with bold measures to ease the severely strained credit and financial markets, experts noted.

Traders said extreme lockdown measures taken by the government of India and authorities across the world still weigh on global investor sentiment.

MSCI's broadest index of Asia Pacific shares outside Japan lost by 3.8 per cent while Shanghai blue chips dropped by 2.3 per cent, but Japan's Nikkei rose by 0.8 per cent aided, likely by expectations of more aggressive asset buying by the Bank of Japan.

As an automatic mechanism to freefall in the market, when an exchange plunges 10 per cent before 1 pm, trading is halted on stock exchanges for 45 minutes. Rs 58 lakh crore investor wealth has eroded since its peak.

Meanwhile, Brent crude oil futures fell 3 per cent to USD26.17per barrel.

The clamour for a complete shutdown of markets is growing as stock brokers said their offices are not fully functional on the back of a nationwide lockdown to limit the spread of Covid-19. Going forward, we expect the markets would continue to remain volatile as increase in number of cases in India would lead to selling pressure.

The Indian rupee slipped further by 95 paise to 76.15 against the USA dollar in opening trade on Monday amid sharp rise in Coronavirus cases in the country and heavy selling in domestic equities. Worldwide fatalities topped 16,500.



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