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Market Wrap, March 19: Sensex down 581 points, Nifty at 8,263

During the day, the index hit a high and low of 29,370.53 and 26,714.46, respectively

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MARKET WRAP

BS Web Team  |  New Delhi 

Extending its slide, the domestic equity market ended Thursday's extremely volatile session in the red as investors remained risk-averse amid escalating coronavirus (Covid-19) cases. The S&P BSE Sensex closed the day at 28,288 levels, down 581 points or 2 per cent with ITC (up 7 per cent) being the top gainer and Bajaj Finance (down 10 per cent) the biggest loser.

Reliance Industries (RIL), ICICI Bank, Axis Bank, and Bajaj Finance contributed the most to the index's fall while FMCG major ITC, HDFC Bank, and Infosys gave the much-needed support.

NSE's Nifty ended at 8,263, down 205 points or 2.42 per cent with 40 out of 50 constituents declining and 10 advancing. Volatility index India VIX advanced around 13 per cent to 71.95 levels.

In the currency market, rupee tumbled to a record low of 75.01 against the US dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world’s reserve currency.

Among sectoral indices on the NSE, Nifty Auto cracked the most - down around 6 per cent to 5,195 points, followed by Nifty Metal and Nifty Media indices.

In the broader market, Nifty Midcap 100 index ended at 12,053, down 542 points or over 4 per cent while the Nifty SmallCap index slipped 222 points or over 5.5 per centy to 3,797-mark.

Global markets

The dollar surged, bonds plunged and global struggled to find their footing on Thursday as the European Central Bank’s latest promise of stimulus provided only brief solace while the world struggles to contain the coronavirus pandemic. China and Hong Kong stocks fell sharply.

In commodities, oil prices rose on Thursday but pared early gains as investors tried to assess how effective massive stimulus by central banks will be in shoring up the global economy as the shock from the coronavirus pandemic deepens.

Read by: Sukanya Roy

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First Published: Thu, March 19 2020. 16:48 IST
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