Sensex Sees Biggest Fall Ever; Ends A Whopping 1,942 Pts Lower

Fears of rising cases of Coronavirus across the globe and a slump in crude prices, led to carnage across asset classes with bond yields falling, stocks plunging and the rupee falling in trade on Monday. At one point, crude oil plunged as much as 30 per cent, raising fears that the heavily debt ridden oil companies across the globe, may find the going tough.

Global markets were extremely weak, with the Japanese Nikkei falling a huge 6 per cent in trade, with the Hong Kong's Hang Sang diving 4 per cent and the US Dow Futures pointing to cuts of near 5 per cent.

The Sensex ended the day a whopping 1,942 points lower in trade, with the Nifty down a whopping 530 points, as Coronavirus infections and falling crude began to take their toll. Investors now fear that trade would be disrupted and the global economy would start slowing considerably.

Almost all of the stocks, from the Sensex ended the day in the red. The few stocks that gained in trade today were BPCL and HPCL, which rallied following a sharp plunge in crude prices. ONGC was the biggest loser from the Sensex space falling almost 16 per cent.

Reliance Industries, which seldom falls sharply was down 12.34 per cent and most of the banking stocks plunged. Yes Bank, which is now being resurrected by State Bank of India jumped a huge 20 per cent in trade. Retail investors still remain hopeful on the stock, following a stake sale to SBI.

Bluechips hits 52-week lows

Several bluechip stocks fell to their 52-week lows, including the likes of Larsen and Toubro, Cochin Shipyaed, PNB Housing Finance, Vedanta, RBL Bank etc.

Yes Bank, however, was the star in trade, rallying almost 21 per cent, on hopes that the SBI initiative to help the bank would instill confidence for new investors to bring-in fresh capital.

Yes Bank worries see massive selling in Banks, HFCs and NBFCs

Worries over the Yes Bank crisis saw several smaller bank shares tumbling. RBL Bank ended the day with massive cuts of 20 per cent, while Bandhan Bank lost as much as 7 per cent. Some of the housing finance company stocks like PNB Housing ended by a whopping 13.5 per cent lower, while Indiabulls Housing lost 16 per cent.

Fortunately, Tuesday is a holiday, so some respite for the markets.

European markets sharply lower

European markets, were trading sharply lower, with the German DAX down more than 5 per cent and the UK's FTSE was down as much as 7 per cent. US Dow Futures point to lower openings of at least 5 per cent. Markets are now expected to take cues from the global caronavirus numbers, and if infections start abating, we might see some recovery.