Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
As the global markets are busy selling off amid fear of Coronavirus, domestic market too suffered huge losses with Sensex nosediving 1083.85 points to 38,661.81 in opening session, on Friday. Nifty too plunged 312 points to 11,321.30. Global markets have plummeted in one of the worst days single-day drop since 2011.
Across sectors, the selloff led the markets dive further for the sixth session continuously, with the shares of the banking, automobile, metal and oil and gas being the of worst affected.
Top losers in the 50-script benchmark index are Tata Motors, Hindalco, Tata Steel, Bajaj Finance, Yes Bank, Gail and M&M down between 3.84 per cent and 6.23 per cent.
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The Sensex was was worst hit by Reliance Industries, HDFC Bank and Infosys as put together they dragged the index down by 300 points.
In Asia, stock market rolled down with Tokyo and Jakarta hit by more than four percent, while Shanghai, Sydney, Seoul and Bangkok nosedived by more than three percent each. MSCI’s regional index excluding Japan shed 1.4 per cent. Japan’s Nikkei plunged on rising fears that the Olympics scheduled for July-August might have to be called off due to the Coronavirus.
Due to the fear of Coronavirus not being contained just in China and the deadly virus hitting the world over, effecting the global markets, on course to record their worst week since the 2008-09 financial crisis. The panic due to the Coronavirus already showing its impact, warnings are making rounds that worse is yet to come.
With the global oil prices falling by four per cent amid the impact of the virus on crude demand, as the key consumer China is worse hit. Brent oil for April delivery spiraled down by 4.2 per cent to $51.20 per barrel, with New York’s WTI crude for April diving down by nearly 5.0 per cent to $46.31.
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