Rampant Selling Across Markets; Sensex Ends 2,713 Points Lower

Stocks markets were one again pounded with a sea of red across the board with rampant selling, following a huge pounding across the globe. The US Federal Reserve's decision to cut interest rates to near zero had no impact on global stocks, including India.

Fears of rapid infections from the coronavirus across the globe, led investors to believe that economic growth is slated to fall off a cliff, at least in the next few quarters.

The Sensex ended the day with massive losses of 2,713 points, its second biggest fall to date. The Nifty ended lower by 757 points, with savage selling across the board.

European stocks were hammered out of shape, even as the coronavirus infections in a nation like Spain surged.

Banking and metal stocks saw some massive hits with IndusInd Bank seeing some massive losses and was the top Nifty loser through the day. The other losers in trade were JSW Steel, Adani Ports, Axis Bank and ICICI Bank.

Yes Bank was the only stocks that saw some meaningful gains in trade. SBI Cards saw its shares fall almost 10 per cent from the listing price. The shares were offered at almost at Rs 755 per share.

Meanwhile, European markets were badly battered in trade. The German DAX, French CAC and the UK's FTSE were down almost 8 per cent each.