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The topline equity indices on the BSE and National Stock Exchange (NSE) cracked nearly 2.5 per cent on Friday amid a sell-off in the global markets due to fresh concerns regarding the spread of the coronavirus and its economic impact.
The S&P BSE Sensex fell 893.99 points (2.32 per cent) to settle at 37,576.62, while the broader Nifty 50 slipped 279.55 points (2.48 per cent) to end at 10,989.45. During the intraday trade, the 30-share BSE benchmark cracked as much as 1,459.52 points (3.79 per cent) to 37,011.09, while the Nifty crashed 441.60 points (3.92 per cent) to 10,827.40.
27 out of 30 Sensex stocks ended in the negative territory on Friday. Among the biggest contributors to Friday’s loss were HDFC twins comprising of Housing Development Finance Corporation (HDFC) and HDFC Bank, oil-to-telecom behemoth Reliance Industries (RIL), ICICI Bank and State Bank of India (SBI).
Among the sectoral indices on NSE, the Nifty Bank index was the worst hit on Friday, as fell 1,013.90 points (3.52 per cent) to end at 27,801.45. The top draggers in the bank index were Yes Bank which crashed 56 per cent to Rs 16.20.
In the broader market, the Nifty 500 index fell 2.43 per cent to end at 9,054.45, while the India VIX or the volatility index climbed 11.70 per cent on Friday.
The rupee plunged nearly 77 paise to 74.0863 against the US dollar in the early trade on Friday amid weak global growth concerns. The domestic currency had settled at 73.3175 against the dollar on Thursday, according to data by Bloomberg.
However, it recovered some of its loss and was seen trading at 73.7988 against the greenback during the late afternoon trade.
“The sell-off in India was triggered by weak global trend due to coronavirus outbreak, restricting international travel and trade. Additionally, moratorium enlarged domestic concern over safety of financial system and Indian rupee weaken past 74 levels due to these issues. The bailout is a positive development lowering long-term systemic problems and will increase safety for depositors. Market will be watchful about the final resolution to be offered by RBI & SBI soon,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement.
(with rupee data inputs from Bloomberg)
