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Sensex Crashes Over 1,200 Points; Yes Bank Tumbles 15%

Fri, 6 Mar 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.1% while the Hang Seng is down 2.1%. The Nikkei 225 is trading down by 3.1%. US stocks tumbled on Thursday, with shares of banks and travel companies taking a beating, as a new wave of fear about the spread of the coronavirus and its economic impact gripped investors just one day after election results powered a rally.

Back home, India share markets plunged in the opening session. The BSE Sensex is trading down by 1,186 points while the NSE Nifty is trading down by 360 points. The BSE Mid Cap index opened down by 4.1%, while BSE Small Cap index opened down by 3%.

All sectoral indices have opened in red with banks stocks and metal stocks witnessing maximum selling pressure. Both are down by 4%.

The rupee is currently trading at 73.82 against the US$.

In the news from banking sector. Yes bank share price plunged 15% in the opening session after the Reserve Bank of India (RBI) superseded the board of Yes Bank and imposed a month-long moratorium.

It expects to arrive at a credible restructuring plan in the next few days.

The RBI action follows the lender's inability to raise funds that would have helped it provide against loan losses. Prashant Kumar, former deputy managing director at State Bank of India (SBI), will be the administrator of Yes Bank.

Depositors will be restricted to a maximum withdrawal of Rs 50,000 even if they have multiple accounts, a government gazette notification said.

RBI will relax the withdrawal limit in the event of medical emergencies, higher education fees or marriage expenses - up to a cap of Rs 5 lakh. Drafts and pay orders issued so far will be paid in full, the reports noted.

Moving on to the news from the economy. Amid fears of new infectious disease spread, United Nations Conference on Trade and Development (UNCTAD) in its latest report has said that the trade impact of the coronavirus epidemic for India is estimated to be about US$348 million.

The country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade.

As per the report, the trade impact is estimated to be the most for the chemicals sector at US$129 million, textiles and apparel at US$64 million, automotive sector at US$34 million, electrical machinery at US$12 million, leather products at US$13 million, metals and metal products at US$27 million and wood products and furniture at US$15 million.

UNCTAD further noted that among the most affected economies are the European Union (US$15.6 billion), the United States (US$5.8 billion), Japan (US$5.2 billion), South Korea (US$3.8 billion), Taiwan Province of China (US$2.6 billion) and Vietnam (US$2.3 billion).

However, it said that the trade impact for India is less as compared to other economies such as EU, the US, Japan and South Korea.

Speaking of Coronavirus fears, investors took the flight to safety last week across the globe. Markets saw a sharp fall post the Coronavirus impact.

The Dow Jones fell by 12%, its biggest fall since the 2008 global crisis. Back home, the Indian stock market also saw a weekly fall of 7%, its worst in a decade.

Coronavirus Impact Felt in Stock Markets Worldwide

Here's what Tanushree Banerjee wrote about this in today's edition of The 5 Minute WrapUp...

• While manufacturers dependent on China are expected to take a hit globally, the short-term impact is also likely to be felt on sectors like travel and tourism.
  
  In the long run though, India could emerge as a long-term alternative to the world's supply needs.
  
  A potential megatrend that I will be keenly keeping an eye...

Tanushree is counting on 7 top stocks from the Indian stock market that will benefit from this megatrend.

As per her, now is the right time to buy these stocks to profit from the Rebirth of India. You can read about them here.

Meanwhile, in last Friday's podcast, we had shared a special episode from investor hour...

In this emergency episode of the Investor Hour, Rahul Goel talks to Vijay Bhambwani, who he calls India's #1 trader.

Vijay dives deep in this "coronavirus" situation and presents a picture which we believe would be extremely beneficial to any investor or trader.

They talk stocks, commodities, bullion and currency.

For each of these assets, they talk what's around the corner, and how one should position oneself for potential gains.

Whatever you do, don't miss this emergency issue of the Investor Hour!

Listen in here...

Towards the end, Vijay shares a very unique perspective on how to allocate assets. Don't miss that!

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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