Sensex, Nifty crash after Wall Street meltdown; banking stocks worst hit
At around 10 am, Sensex was trading over 2.35 per cent lower and the broader Nifty was sliding deeper into negative territory.
The early bloodbath hit banks hard, with IndusInd Bank falling as much as five per cent. Kotak Bank, Axis Bank, ICICI Bank, HDFC and SBI were all trading in red. (Photo: Reuters)
Domestic markets on Friday suffered deep losses in early trade as both benchmarks slid over 2 per cent.
The mammoth collapse on Wall Street, followed by weakness in Asian markets, has again made investors in India nervous. Rising coronavirus has made the fear worse.
The BSE Sensex was trading over 1,100 points lower after opening while the NSE Nifty 50 was down over 357 points.
At around 10 am, Sensex was trading over 2.35 per cent lower and the broader Nifty was sliding deeper into negative territory.
The early bloodbath hit banks hard, with IndusInd Bank falling as much as five per cent. Kotak Mahindra Bank, Axis Bank, ICICI Bank, HDFC and SBI were all trading in red.
All Nifty sectoral indices were trading in red, with Nifty Media, Pvt Bank and PSU Bank down three per cent.
Oil stocks also suffered as global crude oil futures tumbled yet again for a second consecutive trading session. Worries about weak global energy demand may resurface, according to experts.
The widespread fear in the market is not just a result of global weakness, but growing concern over the resurgence of coronavirus infections.
On Thursday, the three major US indexes fell over five per cent, marking the worst day in Wall Street since Mid-March.
Investors in India, however, face a bigger worry as cases are rising at an alarming pace in India.
On Friday, data released by the health ministry showed a rise of nearly 11,000 cases and 396 deaths. Investors are worried if the sharp rise in cases leads to any further shutdowns in India.
