Nifty and Sensex Update
●Sensex Down nearly 3,000 points in its biggest one-day point fall
●Nifty Down nearly 900 points in its biggest one-day point fall
• Nifty close: 9590 - 868.25(8.30%)
• Sensex close: 32778.14 - 2919.26(8.18%)
Today, Indian markets witnessed one of the worst single-day fall in recent times. The major reasons for this crash is the coronavirus scare with no confirmed news on how many could get affected due to the virus and no cure or vaccine available as yet. In the short run, margin calls and stop losses are triggering panic selling in the market which is creating a cyclical effect as this is further pushing the stock prices downwards.
Leading the slump were banking stocks, with Nifty Bank index tanking about 8%. Banking heavyweights like ICICI Bank, HDFC Bank, Axis Bank and SBI fell between 7% and 12%.
"Recession fears have increased after WHO declared coronavirus a pandemic which forced investors to sell off risky assets. Fresh travel bans across nations is contributing to the fears that economic impact will be much larger than earlier estimates.
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