Indian stock market crash today: Nifty closed below 9600 and Sensex down 2919 pts

 

Stock market crash today: It was a weak start for the market and later the Indian stock market crashed and Nifty closed below 9600 levels. The market sentiment was negative as investors remained anxious about the economic impact of the coronavirus outbreak.

A selloff across the sectors was seen along with panic selling in the broader markets too hurt investors sentiment. Investors also looking for the CPI and Index of Industrial Production data which are to be released later in the day.

 

Details of the Stock market crash today

In the end, Nifty was down by 868.25 points or 8.30% and at 9590.15 while Sensex plunged 2919.26 points or 8.17% and closed at 32778.14. The market recovered some points in the last hour from the lowest level. The Nifty touched days low at 9412.85 while Sensex touched low at 32493.10.

The Bank Nifty declined by 2516.65 points or 9.50% and closed at 23971.15 on spot levels. The PSU Banking sectors declined more than 13% today. The Bank Nifty touched day’s low at 23536.35 today.

The Nifty midcap 100 index tanks 8.08% or 1251.80 points and closed at 14243.05, Whereas the Nifty smallcap 100 index tanks 9.55% or 493 points and closed at 4671. The India VIX has increased to 41.16, more than 30% up today, VIX is at the highest level since 2010

There are no gainers in the Nifty50 stocks, on the losing side the losers are BPCL, UPL, SBI, Vedanta and Yes Bank. These stocks declined 13-14% on an intraday basis today.

In the Nifty midcap space, the only gainer is Tata Power and the losers are Adani Power, Glenmark. In the Nifty smallcap the gainers for the day are Sobha, CARE Rating and the losers are Ashok Buildcon, Wockhardt.

Today there is no gaining sector, all major sectors fell 7-10% during the day. The major losing sectors for the day are Automobiles, Banking & Finance, Electricals, Infrastructure, Metal, Media, and Oil & Gas.

 

Reasons for the stock market crash today

Today’s stock market crash is due to the spread of the coronavirus outbreak worldwide. Yesterday, after the World Health Organisation (WHO) declaring Coronavirus (COVID-19) a global pandemic globally stocks market started crashing. It’s a bear phase across the globe, in India, there are many stocks trading at a multi-year low. 

FIIs are continuously selling and DIIs are buying in the cash segment. So far in March, FIIs sold Rs 20831.43 crores whereas DIIs bought Rs 17903.04 in cash segments.

Other stock in the news

The Executive Committee of Central Board of SBI has approved for the purchase of 725 crores shares in Yes Bank at a price of Rs 10 per share with the subject to all regulatory approvals.

It has been reported in the media that RBI has tapped heavyweight investors like Rakesh Jhunjunwala, DMart’s owner Radhakrishnan Damani and Premji to invest in the Yes Bank consortium.

The Yes Bank’s draft restructuring scheme to be tabled at Cabinet tomorrow as per CNBC-TV 18 report.

Siemens has selected Infosys to deploy Wingspan, Infosys Digital Learning, and Talent Transformation Platform.

Blue Star Company’s board of directors has declared an interim dividend of Rs 10 per equity share.

Arvind Fashions has approved the right issue of 19975953 equity shares at an issue price of Rs 150 per equity share aggregating to Rs 299.64 crore to existing equity shareholders of the company.

 

Crude and Rupee updates:

The Crude oil price is trading lower today. The Brent crude oil future is trading at $ 33.50 per barrel, it is almost 6.34% down from the previous close. The Indian rupee is trading at Rs 74.21 against the US dollar, the rupee weakens around  0.53 paise from the previous closed.

 

Conclusions:

Today Stock market crashed because the sentiment has become negative after the WHO declaring coronavirus outbreak as a pandemic. Though the coronavirus cases in Whaun in China have decreased, it has spread all six continents in the world barring Antarctica. 

The market is not yet bottom out Investors should not be in a hurry to accumulate stock now. The investor will get enough time to enter the market. 

As the stock market is crashing and is unstable we are not going to publish our technical levels of Nifty and Bank Nifty for tomorrow.

If you like the post please share it with others

 

You may also like to read, Hedging: Meaning, Risk, Strategies, and types of Hedge

Indian Market Weekly Updates: Nifty and Bank Nifty

Algo Trading Definition: Pros and Cons of Algorithmic trading

Happy Investing!!

 

Editor’s Desk