Sensex Recovers 693 Pts Amid Govt Measures to Aid Coronavirus-hit Economy

Market deep in red Sensex plunges over coronavirus scare

Sensex Comes Crashing Down By 2,200 Points As India Faces Lockdown

US Fed goes all in Market sentiment got a boost after the US Federal Reserve in a statement overnight said it will do anything in its capacity that is needed to steady the financial system, which helped soothe investor sentiments. Trading volumes in the Nifty were about 22% below the 30-day mean at the close, according to data compiled by Bloomberg. While most of the planet goes into lockdown, traders gave massive thumbs up to the U.S. central bank's pledge to essentially print cash in a move not seen since the global financial crisis more than a decade ago.

Top losers in the Sensex pack included IndusInd Bank, Titan, L&T, Tata Steel, Asian Paint and ICICI Bank, while HCL Tech, HUL, Infosys and Tech Mahindra were the gainers. Sensex plunged over 2,991 points to 26,924 within an hour of trading.

The BSE Sensex fell over 3,200 points at 26,686.71 or 10.79 per cent from the previous close of 29,915.96 as trading resumed.

The Fed, which has already slashed interest rates to record lows, said it will buy unlimited amounts of Treasury debt and take steps to lend directly to small- and medium-sized firms hammered by restrictions across the country. Other central banks can be expected to follow suit with bold measures to ease the severely strained credit and financial markets.

In another development, Finance Minister Nirmala Sitharaman said regulators and her ministry are monitoring developments and volatility in stock markets. "Hence investors are pinning their hope entirely on the monetary and fiscal measures which the government might take in the next few weeks", added Mr. Pathak.

Bourses in Shanghai, Hong Kong and Seoul plunged up to 4 per cent, while Tokyo was trading with gains. Trading was brought to halt for 45 minutes as per the rule. Rs 58 lakh crore investor wealth has eroded since its peak. Sensex also hit a fresh intraday low of 25,880 and Nifty fell to 7,583.

Global crude benchmark, Brent crude futures rose 5.22 per cent to United States dollars 28.44 per barrel.

"The underlying uncertainly on account of Covid-19 pandemic has contracted economic activity accros the world and unless we see some clear evidence on the spread of the virus, the markets will continue to be volatile and unpredictable", said Krishnan Ramachandran, CEO, Barjeel Geojit Securities. Worldwide fatalities topped 16,500. In India, all domestic flights were suspended from midnight Tuesday as the government stepped up a nationwide lockdown after the number of coronavirus cases rose to 471 on Monday.

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