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Sensex, Nifty slumps in the early hours of trade

Domestic stock markets Sensex plunged over 1,000 points in the early hours of trade. The IMF on the other hand had confirmed that the world is going through absolute recession due to the outbreak of the novel coronavirus.

After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77.

Similarly, the NSE Nifty fell 245.30 points, or 2.83 per cent, to 8,414.95.

Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank. On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.

In the previous session, the 30-share BSE barometer ended 131.18 points or 0.44 per cent lower at 29,815.59, while the broad-based Nifty closed 18.80 points, or 0.22 per cent, higher at 8,660.25.

Foreign institutional investors (FIIs) turned net buyers in the capital market, as they purchased equity shares worth Rs 355.78 crore on Friday, according to provisional exchange data.

It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021,” IMF Managing Director Kristalina Georgieva stated.

Meanwhile, the Indian rupee depreciated 28 paise to 75.18 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, fell 4.44 per cent to USD 26.71 per barrel.

The number of COVID-19 cases in India surged past 1,000 over the weekend, according to health ministry log.

Deaths around the world linked to the pandemic crossed 30,000 over the weekend.

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