Sensex Opens Over 1,000 Points Down; Banking and Metal Stocks Plunge

Mon, 30 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 1.3% while the Hang Seng is down 1.4%. The Nikkei 225 is trading down by 3.2%. Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.

Back home, India share markets plunged in the opening session. The BSE Sensex is trading down by 1,044 points while the NSE Nifty is trading down by 272 points. The BSE Mid Cap index and BSE Small Cap index opened down by 2.5% and 1.5% respectively.

All sectoral indices are trading in the red with bank stocks, metal stocks and automobile stocks witnessing maximum selling pressure.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

Speaking of sectoral impact, in the article titled: Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know. we dive deeper and look at how the impact has been on individual sectors...

Moving on, gold prices are currently trading up by 0.1% at Rs 43,571.

The rupee is currently trading at 75.47 against the US$.

In the news from the pharma sector. Sun Pharmaceuticals said that its Halol plant in Gujarat has been classified as 'Official Action Indicated' (OAI) by the United States Food and Drugs Administration (USFDA) after a December 2019 inspection.

OAI means that pending product approval from the facility could be withheld by the regulator.

Earlier in December, the plant had been issued Form 483 by USFDA with eight observations. This has escalated into an OAI classification.

Sun Pharma has said that it continues to cooperate with the USFDA and will undertake all necessary steps to resolve these issues and to ensure that the regulator is completely satisfied with its remedial action.

Sun Pharma share price opened the day down by 4.6%.

In another development, as the coronavirus pandemic is triggering fears of a global recession, foreign investors have started rowing back from the Indian capital markets by withdrawing a massive over Rs 1 trillion in March after remaining net buyers for six consecutive months.

In order to contain the spread of coronavirus, lockdowns have become a norm world over and have led the FPIs to adopt a cautious stance.

The depositories data showed that a net amount of Rs 593.8 billion was pulled out from equities and Rs 528.1 billion was withdrawn from the debt segment by foreign portfolio investors (FPIs) between March 2-27.

Note that, stock markets the world over have seen a sharp fall.

The Sensex saw its biggest one-day fall on Monday 23 March.

Is this the Future of Stock Trading?

The coronavirus pandemic has created a sense of fear among investors and traders worldwide.

What is different about this market crash unlike others before it, is the pace of fall.

The Indian share market has fallen more than 35% from its peak in just over a month, which is the fastest crash in history.

The sharp decline can be attributed to algorithmic trading as well as foreign institutional investor (FII) outflows.

Co-head of Research, Tanushree Banerjee believes, in this new era of sharp declines, the rebound rally can be equally sharp and quick as well. It is important to remember this.

A part of this decline is due to the coronavirus impact, a part of it is due to external factors as well.

Look at fundamentally strong stocks in this market correction. She believes, these stocks will likely rebound the fastest when the coronavirus threat passes.

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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