Markets continue to suffer as Sensex falls below 27,000

The carnage on Dalal Street continued on Monday after the S&P Benchmark BSE Sensex opened about 1,700 points lower on Thursdat. The broader Nifty breached the 7,900 mark, a 37-months low. 

All sectors were in red as the investors remain cautious due to global markets taking a fall in wake of coronavirus pandemic.

The 30 share index Sensex slipped as much as 2,155.05 points (7.46%) to 26,714.46 minutes after opening while Nifty 50 index too crashed as much as 636.25 points (7.51%) to 7,832.55 during the early trade.

The Indian rupee opened at 74.95 per dollar on Thursday, down 69 paise against previous close 74.26.

This comes as the number of global COVID-19 cases crossed 200,000-mark that has claimed over 8,900 lives. 

“Worries of greater disruptions in businesses rose due to the rising number of new coronavirus cases in India. Many states have shut restaurants, malls, gyms and movie theatres as a precautionary measure. Further, the Supreme Court held that no further objections to its orders would be allowed against Telecom’s AGR dues payable. Banks shares slumped as a collapse of a telecom operator could add to lenders’ bad loan pile. Sentiments further deteriorated after S&P lowered India’s growth forecast to 5.2% in 2020 amid coronavirus fears. Even FIIs have been brutally selling, having sold ~Rs50,000 crore in less than a month,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said on Wednesday.

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