Sensex tanks 2000 pts

Mumbai, Mar 9 (GCBusiness) The BSE Sensex slid for another day on Monday as it plummeted by 2022.64 pts to 35,553.98 tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak.

Sliding crude oil prices too impacted the same.The Nifty of National Stock Exchange (NSe) too dropped by 605.85 pts. The Sensex recorded day high at 36,950.20 and day low at 35,337.66, fell by 2239 pts.

The Nifty registered day high and low at 10,751.55 and 10,363.60 pts respectively.

Russia had opted out of proposed production cuts with OPEC to support falling crude prices. In response Saudi has decided to hike production to push prices lower further, thereby compelling Russia to return to the negotiating table.

As a result of this move by Saudi, crude prices have plunged 30 per cent on open. Nymex is at USD 29 per barrel and Brent is at USD 33 per barrel.

A USD 10 per barrel fall in crude prices has the following repercussions for the domestic economy.

Investor wealth lost plummeted by nearly Rs 5 trillion in early trade on Monday as equity markets crashed
The carnage in the equity market wiped out investor wealth worth Rs 4,79,820.87 crore, taking the total m-cap to Rs 1,39,39,640.96 crore on the BSE.

The m-cap of BSE-listed companies stood at Rs 1,44,31,224.41 crore at the end of trading on Friday.

In sectoral indices, Energy was lost by 7.99 per cent followed by Industrials, Metal, Bankex, Power, Telecom and Metal.

In scrips, ONGS declined by 13.80 per cent, Reliance Industries by 10.66 per cent to Rs 1134.60, IndusInd Bank by 8.45 per cent to Rs 928.55 and ICICI Bank by 7.25 per cent to Rs 451.

On the BSE, 1,745 scrips declined, while 222 advanced and 101 remained unchanged.

Via UNI-India

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