Sensex ended 3,934.72 points or 13.15 percent in the red at 25981.24, and the Nifty plunged 1,135.20 points or 12.98 percent at 7610.25. Axis Bank, IndusInd Bank and Bajaj Finance are the top losers while HDFC Bank, Reliance Industries, ICICI Bank, HDFC and TCS are the most active stocks.
After hitting lower circuit in the first hour of trade, the BSE Sensex plunged over 4,000 points before closing 3,934.72 points or 13.15% lower at 25,981.24. The Nifty settled 1135.20 points or 12.98% lower at 7,610.25, a four-year low.
Benchmark indices opened lower in Monday tracking weak global markets as several countries announced lockdown, bringing economic activities to a grinding halt. Sensex fell 10% in the first hour of trade leading to imposition of lower circuit. Indices resumed downward move again when they opened for trading after a 45-minute halt. Losses in the market were led by banking and auto stocks. Nifty Bank and Nifty Auto, the banking and auto sub-indices of NSE fell 16.73% and 13.85% respectively.
Traders expect the lockdown announced in several districts may lead to huge revenue loss for companies, with consumption, aviation and hotel industry being the worst hit. This may increase the non-performing assets of banks as well, traders say.
Among Nifty stocks, Axis Bank was the top loser, down 28.01% followed by Bajaj Finserv and IndusInd Bank, which fell 25.86% and 23.50% respectively. Bajaj Finance, ICICI Bank, JSW Steel, Vedanta, Maruti Suzuki, Hindalco, ONGC were the other prominent losers in the Nifty falling between 10.37%-23.24%. All the 50 stocks in the Nifty closed in the Red.
India VIX or the volatility index, rose 7.27% to close at 71.98. It touched a 52-week high of 73.36 during intraday trade. Worth mentioning here is that the coronavirus-led sell-off has wiped out nearly Rs 53 lakh crore of investors’ wealth.