''The Dalal street pounded amidst panic selling as the pandemic Covid-19 manifested itself in the minds of investors. Vinod Nair, head of research at Geojit Financial Services This will also affect the government’s fiscal maths, which was already tight.” At the same time Rising infections in India and associated disruption in businesses led to India’s GDP growth forecasts also being downgraded. "Indian markets ended at 3 year lows, with Nifty below the 8500 mark, in tandem with Asian and European markets after global agencies warned of a global recession following the impact of Covid-19. Kotak Mahindra Bank, Bajaj Finance and HDFC Bank shed 11.23 per cent, 11.11 per cent and 9.92 per cent respectively. IndusInd Bank tumbled 23.90 per cent as investors were worried about the lender’s exposure to Vodafone Idea to the tune of Rs 3,995 crore. They rose 9.83 per cent and 0.97 per cent, respectively.įinancials were the top losers. Only two Sensex stocks – ONGC and ITC-closed higher. BSE IT with a fall of 2.77 per cent was the least hit. Utilities, bankex and finance were among other sectors on the BSE that declined 7 per cent each. Vodafone Idea and Bharti Infratel nosedived 34.85 per cent and 22.62 per cent, respectively. It tumbled 9.48 per cent on the Supreme Court’s tough words. The market breadth was extremely bearish with more than five shares declining for every share that advanced on the BSE.īroader market was deep in the red as well, with BSE Midcap and BSE Smallcap indices declining 4.84 per cent and 6.09 per cent, respectively.Īll sectoral indices closed sharply lower with the BSE Telecom index hit the most. Banks have huge exposure to debt-laden telecom firms, and if telcos go bankrupt, it will result in higher NPAs for the banks. ![]() Following the scolding, the bears hammered bank and telecom shares.
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