Sensex hits 10 per cent lower circuit; trading halts for 45 minutes
Equity benchmark sensex hits 10 percent lower circuit, plunging by 26,924 triggering a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession. After opening 2,718 points lower, the BSE barometer plunged 2,991. 85 points or 10 per cent to 26,924.11.
Similarly, the NSE Nifty fell 842.45 points, or 9.63 per cent, to 7,903. As an automatic mechanism to freefall in the market, when an exchange plunges 10 per cent before 1 pm, trading is halted on stock exchanges for 45 minutes. All Sensex components were trading in the red, with Axis Bank tanking up to 20 per cent, followed by ICICI Bank, IndusInd Bank, Bajaj Finance, Hero MotoCorp and M&M. The 15-stock index fell as much as 10.78 percent, to its lowest level since October 2013. 8 out of the 15 components are trading at a 52-week low.
In the opening session on Monday sensex plummeted over 2,700 points as global stocks resumed their free fall amid coronavirus-led lockdowns across the world stoking fears of a massive recession. The rupee too plunged 92 paise against US dollar to 76. After sinking over 2,718 points, the BSE barometer was trading 2,430.57 points or 8.12 per cent lower at 27,485.39. Similarly, the NSE Nifty was trading 682.35 points, or 7.80 per cent, down at 8,063.10. All Sensex components were trading in the red, with Bajaj Finance tanking up to 14 per cent, followed by Axis Bank, UltraTech Cement, ICICI Bank, Maruti and M&M.
In the previous session on Friday, equity markets witnessed a relief rally after four days of fall. The BSE benchmark ended 1,627.73 points or 5.75 per cent higher at 29,915.96. The Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45.
(With inputs from agencies)
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