Market plunges 1,942 points in worst day for Sensex; ONGC, Reliance Industries top losers

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war.

After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Likewise, Nifty slumped 538 points or 4.90 per cent to close at 10,451.45.

ONGC was the top loserin the Sensex pack, losing over 16 per cent, followed Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto.

Shares of SBI plunged over 6 per cent after it said it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore.

Yes Bank, on the other hand, gained over 31 per cent.

According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of the rapid spread of coronavirus on the world economy, reported news agency PTI.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 per cent.

European benchmarks also plunged up to 6 per cent their morning sessions.

Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

After tanking up to 30 per cent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 per cent down at USD 36.97 per barrel.

On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day).

The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of the economic impact of the coronavirus epidemic.