Taking Stock: Investors lose over Rs 5 lakh cr in a day; Sensex falls the most since Aug 2015
Traders would have taken a sigh of relief and said 'Thank God it's Friday' amid relentless selling on D-Street.
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.
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.
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.
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.
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).
CARE assigned CARE D rating to the long term bank facilities of Aban Offshore.
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.
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.