Sensex crashes over 800 points, Nifty ends below 11,850: 10 points1 min read . Updated: 24 Feb 2020, 03:38 PM IST
- Global markets were also sharply lower today as coronavirus cases spiked outside China
- The rupee fell sharply against US dollar today
Indian markets fell sharply today, tracking a decline in other global markets as corornavius cases spiked outside China. The Sensex tanked over 807 points to 40,363 while the broader Nifty50 index slid below 11,850 to settle at 11,838. The rupee also weakened to about 2-month lows against the US dollar when it fell to 71.90 against the US dollar. All the sectoral indices on NSE ended in the red. The NSE metal index was down about 5.5% while banking and auto fell around 1.5% and 3.5% respectively.
Here are 10 highlights from Indian markets:
1) Tata Steel, down 6.5%, was the biggest loser among the Sensex stocks while ONGC slumped nearly 5%.
2) Among other major losers, Axis Bank, HDFC, ICICI Bank, Hero MotoCorp, Bajaj Auto, Bharti Airtel, Reliance Industries fell between 2% and 3%.
3) The broader markets were also under pressure with BSE midcap and smallcap indices falling over 1.5% each.
4) A surge of infections outside mainland China triggered a steep fall in Asian markets today.
5) Wall Street stock futures were down over 600 points as investors fled to safe havens such as gold, which hit a seven-year high on Monday.
6) Elsewhere, Aurobindo Pharma Ltd dived 15% after the company said on Friday that US FDA inspection at its unit IV was still open and under review and that the 90-day voluntary action initiative letter issued last week was rescinded.
7) The India VIX index, commonly known as fear gauge, jumped 25% to 17.21, reflecting the nervousness among investors.
8) Oil prices plunged today while safe haven assets like gold rallied on growing concerns about the global spread of the deadly virus.
9) With the outbreak showing little sign of easing investors are increasingly concerned it could have a much longer term impact on the world economy, which was already stuttering, with a number of companies warning about their bottom lines.
10) On Monday, South Korea reported 161 more cases, taking its total to 763 and making it the world's worst hit country outside China, with seven people now dead. Meanwhile, China reported over 400 new cases of coronavirus. (With Agency Inputs)