Sensex dropped upto 812 points; Investors suffering the Monday blues
On Monday, the Sensex dropped 812 points whereas the Nifty closed below the 11,300 mark. Europe saw a sudden upsurge in the number of coronavirus cases and there is a fair chance of a complete lockdown. The market capitalization of all BSE-listed companies dipped to Rs 1,54,76,979.16 crore which blotted out Rs 4.23 lakh crore of investor wealth.
Three index components, Kotak bank, Infosys, and TCS, rose up to 0.86%. All sectoral indices ended up in red. BSE Telecom, realty, auto and healthcare broke down to 5.77%.
Indusland Bank lost the most in the Sensex pack, followed by Bharti Airtel, Tata Steel, ICICI Bank, and M&M.
The sudden rise in cases of COVID-19 has led to strict restrictions in daily activities in Greece, Denmark, and Spain. Britain is considering the same to prevent the falling condition. This would eventually lead to investors in Europe to offload travel, consumption, and banking sectors.
Broader BSE midcap and smallcap dropped to 3.61%. Stock exchanges in Europe faced heavy selloff in opening trade, falling up to 3%. Brent crude was trading 2.04% lower at 42.27% barrel. In the forex market, the rupee strengthened 7 paise and closed at 73.38 against USD.