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Feb 28, 2020 03:44 PM IST | Source: Moneycontrol.com

Mayhem on D-St as Nifty registers worst weekly loss since 2009; Sensex falls 1,448 pts

The Sensex lost 1,448.37 points or 3.64% at 38297.29, while Nifty fell 431.50 points or 3.71% at 11201.80.

  • February 28, 2020 04:11 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    The Indian indices would continue to track the overseas markets which are likely to be under stress in the near-term as the impact of the outbreak would adversely impact supply chains across the globe including India. We believe any likely relief in terms of Q3GDP bottoming out may also not have the desired positive impact on the markets until the concerns over the virus ease.

  • February 28, 2020 04:01 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    With China accounting for over 15% of Global GDP and with the Corona Virus spreading its wings fast, we witnessed selling in IT sector today and almost everything joined in today’s steep fall. While India lost huge market capitalisation it has provided investors with negligible equity allocation to Indian Equities a big opportunity.

  • February 28, 2020 03:57 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Increase in new virus cases is diluting investor wealth across the globe. On the domestic front broad-based selling was witnessed with sectors having global exposure like Metals & IT being impacted the most. Market is yet to quantify the exact economic impact of the on-going virus concerns but further acceleration could pose risk in short to medium term.

  • February 28, 2020 03:53 PM IST

    Deepak Jasani, Head Retail Research, HDFC Securities:

    Technically, with the Nifty moving down further and in a free fall, traders will need to watch if the Nifty can now hold above the next major supports at 11,090; else the current downtrend is likely to continue. Any pullback rallies could find resistances at 11,382-11,536.

  • February 28, 2020 03:38 PM IST

    Market Close: Global sell-off dragged the Indian indices on the sixth consecutive session on February 28 making worst weekly fall for Nifty since 2009 amid rising concern over the outbreak of Coronavirus.

    The Sensex was down 1,448.37 points or 3.64% at 38297.29, while Nifty was down 431.50 points or 3.71% at 11201.80. About 458 shares have advanced, 1975 shares declined, and 145 shares are unchanged. 

    Among Nifty50, except IOC and Maruti Suzuki all other stocks ended in the red. BSE Midcap and Smallcap Indices lost over 3 percent each.

    Among sectors, Nifty Metal index tumbled nearly 7 percent followed by IT index (down 5.6 percent), Nifty PSU Bank (down 5 percent) and Auto and Pharma (down nearly 4 percent).

  • February 28, 2020 03:29 PM IST

    CARE assigned CARE D rating to the long term bank facilities of Aban Offshore.

  • February 28, 2020 03:15 PM IST

    Union Bank sells stake in NSE: Union Bank of India on Friday said it has sold 0.21 percent stake in NSE for a cash consideration of over Rs 104 crore. The stake equivalent to 10,21,250 equity shares has been sold at Rs 1,020 per equity share, source PTI.

  • February 28, 2020 03:08 PM IST

    Gold Update: Gold prices retreated on Friday as investors booked profits from a 1% jump in the last session, but the metal had some support as mounting concerns over the rapid spread of coronavirus lifted expectations of rate cuts by major central banks.

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