Fears of rising cases of Coronavirus across the globe, 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 cross 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 was down mammoth 1,800 points in trade, with the Nifty down a whopping 506 points, as Coronavirus infections began to take their toll. Investors now fear that trade would be disrupted and the world's economy would start slowing considerably.
All of the stocks were trading sharply in the red from he Sensex. The few stocks that gained in trade today were indian Oil, BPCL and HPCL, which rallied following a sharp plunge in crude prices. ONGC was the biggest loser from the Sensex space falling almost 10 per cent.
Reliance Industries, which seldom falls sharply was down 9 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.
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.