Sensex plunges for 7th day as India confirms fresh coronavirus cases
A panic selling was observed in the last hour of the stock market session on Monday (March 2) soon after the India confirmed two fresh cases of Covid-19 in Delhi and Telangana.
The sensex (Bombay Stock Exchange) which began on a high note in the morning had climbed up to 39,083 points, a gain of around 786 points in a day. However, all those gains were obliterated during the last hour of the session. The sensex finally closed at 38,144 points with a decline of 153 points than that of Friday. Nifty (National Stock Exchange) also tanked by 69 points to close at 11,132 points.
The advance-decline figures in BSE remained at 946 and 1508 respectively, while NSE too observed 701 advances and 1,105 declines by the end of the week.
Among the top 10 companies only Housing Development Finance Corporation, HDFC Bank, ICICI Bank and Infosys gained a bit while others kept declining.
Globally, stock markets have been plummeting for the past one week and the same trend was seen in Indian stock markets as well. The trend continued on Monday though there was a short climb in the morning.
Both Sensex and Nifty tanked by 5.11 and 5.30 per cent points from February 24 to 28. However, the introduction of SBI Card IPOs couldn’t make any dent.
SBI card (SBI Cards and Payment Services) IPO has offered an initial public offering of 13.72 crore shares to be sold from March 2 to 5. The company is aiming to raise up to ₹10,341 crores through these IPOs. The price band stays between ₹750 and ₹755, informed the company.
During the last week, both the NSE and BSE tanked as the global markets also saw the declining trends as an effect of the coronavirus outbreak. The week saw a fall of $444 billion in the wealth of the world’s richest 500 people as coronavirus continued to spread fear amongst the investors across the world.
Jeff Bezos, the richest man on the earth, suffered a net decline of $11.9 billion followed by Bill Gates and Bernard Arnault who lost $10 and $9.1 billion, respectively.
