Sensex Collapses Over 1,000 Points Again; Nifty Slips Below 10,700

Mon, 9 Mar 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 2.2% while the Hang Seng is down 3.9%. The Nikkei 225 is trading down by 6.2%. US stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified, though Wall Street's major indices ended well above their session lows.

Back home, India share markets plunged in the opening session. The BSE Sensex is trading down by 1,144 points while the NSE Nifty is trading down by 319 points. The BSE Mid Cap index opened down by 2.3%, while BSE Small Cap index opened down by 2.2%.

All sectoral indices have opened in red with power stocks and metal stocks witnessing maximum selling pressure. Both are down by 4%.

Note that, Indian stock markets had collapsed on Friday too...and while there was some recovery towards the end, we still ended deep in the red. We wrote about what led to this crash in 10 points in this latest article titled: Today's Stock Market Crash: 10 Points.

Moving on, the rupee is currently trading at 74.03 against the US$.

The Indian rupee resumed its downward journey after a day's break on Friday, plummeting by 46 paise to 73.79 against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets.

At the interbank foreign exchange, the domestic currency started the session with a massive plunge at 73.94 to the US dollar.

It went on to hit a day's low of 74.08 before staging a recovery. The rupee finally settled with a loss of 46 paise at 73.79 a dollar.

Speaking of Coronavirus fears, investors took the flight to safety last week across the globe. Markets saw a sharp fall post the Coronavirus impact.

The Dow Jones fell by 12%, its biggest fall since the 2008 global crisis. Back home, the Indian stock market also saw a weekly fall of 7%, its worst in a decade.

Coronavirus Impact Felt in Stock Markets Worldwide

Here's what Tanushree Banerjee wrote about this in today's edition of The 5 Minute WrapUp...

• While manufacturers dependent on China are expected to take a hit globally, the short-term impact is also likely to be felt on sectors like travel and tourism.
  
  In the long run though, India could emerge as a long-term alternative to the world's supply needs.
  
  A potential megatrend that I will be keenly keeping an eye...

Tanushree is counting on 7 top stocks from the Indian stock market that will benefit from this megatrend.

As per her, now is the right time to buy these stocks to profit from the Rebirth of India. You can read about them here.

In another development, snapping their six-month buying streak, FPIs pulled out a net Rs 131.6 billion from the Indian capital markets in the first five trading sessions of March as the coronavirus outbreak spooked investor sentiment.

According to depositories data, foreign portfolio investors (FPIs) withdrew a net Rs 90 billion from equities and Rs 41.6 billion from the debt segment during March 2-6, taking the total net outflow to Rs 131.6 billion.

Prior to this, FPIs were net buyers in the Indian capital markets for six consecutive months since September 2019.

Reportedly, the spread of coronavirus in the US is a major driving factor and India is witnessing a spillover effect of what is happening in the global markets.

There has been a consistent drain of money from Indian equities as well as the debt where FPIs are fleeing the Indian markets amidst fear of an extended slowdown.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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