Sensex Collapses 2,570 Points; Banking and Finance Stocks Slump

Mon, 23 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 2.6% while the Hang Seng is down 4.3%. The Nikkei 225 is trading up by 0.5%. Wall Street retreated on Friday after New York ordered residents to stay home, rattling investors who had welcomed this week's fiscal and monetary measures to counter the coronavirus shock and help revive the safe-haven appeal of bonds and gold.

Back home, India share markets collapsed in the opening session. The BSE Sensex is trading down by 2,570 points while the NSE Nifty is trading down by 768 points. The BSE Mid Cap index and BSE Small Cap index opened down by 3.5% and 3% respectively.

All sectoral indices are trading in the red with banking, telecom, and oil & gas stocks witnessing maximum selling pressure.

Speaking of sectoral impact, in the article titled: Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

The rupee is currently trading at 73.37 against the US$.

The rupee gave up its day's gains to settle 8 paise lower at a fresh life-time low of 75.20 against the US dollar on Friday as forex market continued to grapple with economic uncertainties due to fast-spreading coronavirus pandemic.

At the interbank foreign exchange market, the domestic currency opened higher at 74.82 and gained more strength as the day progressed.

It went on to hit a high of 74.72 before succumbing to weakening sentiments due to the virus scare. The Indian unit finally settled at 75.20, down 8 paise against the US dollar.

Speaking coronavirus impact on Indian stock markets, the chart below shows the trend in the total market capitalisation of all BSE-listed companies since the start of 2020.

Coronavirus Triggers Massive Wipeout of Investor Wealth

As you can see, through most of January and February, the total market capitalisation hovered between Rs 150-160 trillion.

It was only in the last week of February that a massive sell-off started on rising fears of the coronavirus outbreak escalating into a global pandemic.

So, what should you do in such times?

In the video below, Ajit Dayal, founder of Quantum group, shares his views on the impact of the Coronavirus crisis and the oil price war on the Indian economy and the stock market.

He also talks about the market crash and how to invest your hard-earned money across various assets in these difficult times.

Watch now...

Moving on to another news. According to weekly data released by the Reserve Bank of India, the country's foreign exchange reserves fell for the first time in almost six months to US$481.9 billion in the week ended March 13, after touching a record high of US$487.2 billion.

In the reporting week, the reserves declined by US$5.4 billion. It had touched a life-time high of US$487.2 billion in the week to March 6, after it rose US$5.7 billion.

The last time forex reserves declined was in the week to September 20, 2019, when it had fallen by US$388 million to US$428.6 billion.

The fall in forex reserves in the week to March 13 was on account of decrease in foreign currency assets (FCA), a major component of the overall reserves. FCA declined by US$3.8 billion to US$447.4 billion in the reporting week.

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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