ANI
30 Mar 2020, 16:33 GMT+10
Mumbai (Maharashtra) [India], Mar 30 (ANI): Equity benchmark indices traded weak on Monday as market mood remained sombre with most investors believing that the stimulus package announced by the government and Reserve Bank of India will have limited effect until the actual impact of coronavirus is known.
But with the number of infections rising, the extent of lockdown, pace of return to normalcy and further fiscal responses will remain key monitorables.
The BSE SP Sensex closed 1,375 points or 4.61 per cent lower to 28,440 while the Nifty 50 edged lower by 379 points or 4.38 per cent to 8,281.
Except for Nifty pharma and FMCG, all sectoral indices at the National Stock Exchange were in the red with Nifty realty down by 7.7 per cent, financial service by 7.4 per cent, private bank by 6.1 per cent and auto by over 5 per cent.
"For real estate sector, which is the second-largest employer and one of largest consumers of capital, this hiatus will have a significant impact," said Sharad Mittal, Chief Executive Officer and Head of Motilal Oswal Real Estate.
"Each project will be delayed by at least four to six months on account of COVID-19 outbreak and subsequent lockdown," he said.
Among stocks, Bajaj Finance was the top loser after clocking a loss of 11.9 per cent to Rs 2,240 per share. HDFC plunged by 10.8 per cent while Kotak Mahindra Bank, HDFC Bank and ICICI Bank dipped by 8.3 per cent, 8.1 per cent and 7.2 per cent respectively.
MahindraMahindra fell by 5.9 per cent, Maruti Suzuki by 6.1 per cent and Eicher Motors by 6.5 per cent. Metal majors Tata Steel and JSW Steel cracked by 8 per cent and 6 per cent respectively.
However, those which gained were Cipla, Dr Reddy's, Tech Mahindra, Nestle India and Axis Bank.
Meanwhile, Asian shares slid and oil prices tumbled as fears mounted that the global shutdown for coronavirus pandemic could last for months.
Japan's Nikkei lost by 1.57 per cent while Hong Kong's Hang Seng shed 1.32 per cent. South Korea's Kospi and Shanghai composite too were in the negative zone.
Central banks within and outside India have mounted an all-out effort to bolster economic activity with interest rate cuts and asset-buying campaigns. Still, the projections for the global economy in 2020 continue to depress investor sentiment.(ANI)Get a daily dose of Germany Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Germany Sun.
More InformationSAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
The inflation is driven by the price of services, which recorded a yearly inflation rate of 3.3 percent in June, up from 3.2 percent...
The Russian Foreign Ministry has condemned the prosecution in Moldova of regional head Yevgenia Gutsul as politically motivated repression...
Why Trump managed to settle the conflict in the Middle East but not in Eastern Europe US President Donald Trump secured his image...
Welcome to Wider Europe, RFE/RL's newsletter focusing on the key issues concerning the European Union, NATO, and other institutions...
As Bulgaria moves into the summer season, the tempo of political developments remains high, particularly with the country on the brink...
DUBLIN, Ireland: Former government minister Mary Hanafin has confirmed she will seek the Fianna Fáil nomination to contest Ireland's...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
DUBLIN, Ireland: Ireland's EU Commissioner Michael McGrath has defended Commission Vice President Kaja Kallas over her recent comments...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...
DUBLIN, Ireland: Post-tax profits at Ballymaloe Cookery School rose by 53 percent in 2024 to 135,952 euros, helped by the buzz around...