Sensex Crashes Over 1,540 Points; Nifty Falls Below 8,000 Levels

Thu, 19 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 1.2% while the Hang Seng is down 3.1%. The Nikkei 225 is trading down by 0.7%.

Meanwhile, US stocks deepened their selloff on Wednesday and the Dow erased virtually the last of its gains since President Donald Trump's 2017 inauguration, as the widening repercussions of the coronavirus pandemic threatened to cripple economic activity.

Back home, India share markets tumble gain in the opening session. The BSE Sensex is trading down by 1,540 points while the NSE Nifty is trading at 7,963 levels. The BSE Mid Cap index and BSE Small Cap index opened down by 2.1% and 1.4% respectively.

All sectoral indices are trading in the red with telecom stocks, metal stocks and oil & gas stocks witnessing maximum selling pressure.

The rupee is currently trading at 74.55 against the US$.

The Indian rupee pared initial gains to close 2 paise lower at 74.26 against the US dollar on Wednesday amid sustained foreign fund outflows and heavy selling in domestic equities.

The Indian rupee failed to find a foothold as there are still concerns over the impact of the coronavirus pandemic on the global as well as domestic economy.

At the interbank foreign exchange market, the local currency opened at 73.98.

During the day, it shuttled between a high of 73.92 and a low of 74.42 against the greenback. The domestic unit finally finished at 74.26, down 2 paise over its previous close.

Speaking coronavirus impact on Indian stock markets, the chart below shows the trend in the total market capitalisation of all BSE-listed companies since the start of 2020.

Coronavirus Triggers Massive Wipeout of Investor Wealth

As you can see, through most of January and February, the total market capitalisation hovered between Rs 150-160 trillion.

It was only in the last week of February that a massive sell-off started on rising fears of the coronavirus outbreak escalating into a global pandemic.

So, what should you do in such times?

In this emergency episode of the Investor Hour, Rahul Goel talks to Vijay Bhambwani, who he calls India's #1 trader.

Vijay dives deep in this "coronavirus" situation and presents a picture which we believe would be extremely beneficial to any investor or trader.

Whatever you do, don't miss this emergency issue of the Investor Hour!

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Also, amid the gloomy economy and coronavirus fears, what's next for the Indian stock markets?

You have the answer to this?

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Participate here: Equitymaster's "State of the Markets" Poll

In another development, oil prices surged as much as nearly 20% on Thursday, bouncing back from days of heavy losses in a relief rally, but which was stoked by economic stimulus efforts to ward off a global coronavirus recession.

Brent crude was up US$2.1, or 8%, at US$26.98 a barrel after tumbling 13% on Wednesday in a third day of relentless selling.

US oil gained US$3.4, or 17%, to US$23.81 a barrel after slumping nearly 25% in the previous session.

Note that, crude oil prices had crashed last week in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

In a recent article, we have written the entire timeline showing economics of falling crude oil prices. You can check the same here: All About the 30% Crash in Crude Oil - 10 Points

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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