Week in 5 charts: Nifty registers worst weekly loss since 2009 as Coronavirus turns global fear

The BSE large-cap index shed 7.4 percent, while BSE small-cap index and mid-cap index fell 7 percent in the past week.

February 29, 2020 / 11:29 AM IST

Indian equity benchmark indices shed 7 percent in the week ended February 28 tracking global sell-off amid rising fears of coronavirus (COVID-19) hitting the global economy. Also, domestic cues including December quarter GDP data and weak February F&O expiry added selling pressure.

Nifty50 has registered its worst weekly fall since 2009, as global sentiments remained weak as more COVID-19 cases were reported outside of China, which dampened investor sentiment.

"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 Q3 gross domestic product (GDP) bottoming out may also not have the desired positive impact on the markets until the concerns over the virus ease," said Ajit Mishra, VP - Research, Religare Broking.

India's GDP grew 4.7 percent in the October-December quarter of 2019-20, according to data released on February 28. However, it was stood at 5.6 percent in the corresponding quarter of 2018-19.

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In the February F&O series, the Sensex fell 2.9 percent, while Nifty also plunged 3.3 percent.

Global markets suffered its biggest weekly fall since 2008 as the fast-growing COVID-19 raised the concern of a global economic crisis.

"Market to remain volatile in the near term with a focus on development with respect to COVID-19. Nifty is expected to remain in a range of 11,500-12,000 for the month of March," said Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services.

The Sensex lost 2,872.83 points (7 percent) to end at 38,297.29 in the past week, while the Nifty shed 879.05 points (7.3 percent) to end at 11,201.8.

Domestic Institutional Investors (DIIs) bought equities worth of Rs 15,985.82 crore, while foreign institutional investors (FIIs) sold equities worth Rs 11,368.67 crore.

For the week, the rupee slipped 53 paise at 72.17 on February 28 against February 20 closing of 71.64.

All the securities under BSE large-cap index ended lower as the index shed 7.4 percent in last week. However, the BSE small-cap index and the mid-cap index fell 7 percent each in the past week.

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On the BSE, Reliance Industries (RIL) lost the most in terms of market value, followed by TCS and HDFC. There were no gainers in terms of market value last week.

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The Nifty Metal index underperformed the sectoral indices with a loss of 14 percent during the week.

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Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments.
Rakesh Patil
first published: Feb 29, 2020 11:29 am

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