Several quality stocks have plunged to their new 52-week lows, some of which include Hindalco, LIC Housing Finance, Vedanta, Bank of India, PNB Housing Finance, Oil India, Bandhan Bank etc. In fact, the list is much longer.
The present market carnage has seen Rs 10 lakh crores of wealth being destroyed in 6 trading days. Marketmen believe that there is scope for the markets to correct a little more from here. With the Nifty at around the 11,297 points mark, it is highly likely that it would break the 11,000 points mark and dip below the levels.
The intensity of the coronavirus spreading is also a worrying factor for the markets. If the pace of spread continues, we might see the markets falling further.
Analysts are advising investors to stay invested in some of the dividend yielding stocks, which are likely to declare dividends in the next one month. These include names like Coal india, PFC, Indian Oil Corporation etc.
Meanwhile, the Nifty fell almost 3 per cent in trade, something that is not seen very often. About Rs 4.5 lakh crores of investor wealth has been lost in today's trading sessions.
According to reports global markets are on course for their worst week since 2008.