Mumbai:
The Sensex plunged 1,448.37 points or 3.64 percent to 38,297.29, the lowest level since October 14, 2019, while the Nifty50 shed 431.50 points or 3.71 percent to 11,201.80, the lowest level since October 7, 2019.
Market benchmark Sensex dropped over 1100 points in opening session on Thursday as incessant foreign fund outflow and coronavirus overhang weighed on global investor sentiment.
The S&P BSE Sensex was down 1,1111 points, or three per cent, at 38,630 levels after opening at over five-month low, wiping nearly Rs 4 lakh crore of investor wealth.The total market capitalisation of BSE fell below Rs 150 lakh crore mark as investor fret that fast-spreading virus will soon be listed as pandemic, which would have a far-reaching impact on the world economy.
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The broader Nifty50 index plunged 325 points, or 2.8 per cent, to 11,308 levels.
Total investor wealth, as measured by cumulative market value of all listed stocks on the BSE, has dropped by Rs 11.4 trillion in the past six trading days to Rs 147 trillion – its lowest level since October 16, 2019, exchange data show.
Tech Mahindra (down 5%), Tata Steel, Tata Finance, and HCL Tech (all down 4%) were the top losers in the Sensex pack. All the constituents of the 30-pack index were in the red.
Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries.
On the other hand, Titan, NTPC, Nestle India and Kotak Bank were trading with gains.
In the previous session, the Sensex settled with a loss of 392.24 points, or 0.97 per cent, at 39,888.96, and Nifty plummeted 119.40 points or 1.01 per cent to end at 11,678.50.
According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.
On a net basis, foreign institutional investors sold equities worth Rs 3,336.60 crore, while domestic institutional investors bought shares worth Rs 2,785.67 crore on Wednesday, data available with stock exchanges showed.
Stock exchanges in Hong Kong, Seoul and Tokyo were trading with losses, while bourses in Shanghai were positive.
Equities on Wall Street too ended on a tepid note on Wednesday.
Brent crude oil futures fell 1.19 per cent to USD 52.18 per barrel.
The rupee appreciated 2 paise to 71.63 against the US dollar in morning session.