Sensex tanks 356 points on global recession fears; Jet rallies 15% as Goyal steps down

WION Web Team New Delhi, Delhi, India Mar 25, 2019, 04.21 PM(IST)

File photo. Photograph:( Reuters )

Story highlights

Jet Airways rallied nearly 15 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board.

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit.

The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25.

The Sensex has now lost over 575 points in two sessions.

Jet Airways rallied nearly 15.5 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the cash-strapped airline.

The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266.

On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece.

On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day.

Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said.

Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added.

Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.

Most other Asian markets too ended sharply down, while European shares were trading lower in their opening sessions.

The 30-share Sensex, after opening lower at 38,016.76, stayed in the negative territory through the session and slipped below the 38,000-mark to touch a low of 37,667.40 on mounting selling pressure in sync with the global sell-off.

However, fag-end buying at lower levels trimmed losses to some extent. The benchmark finally ended at 37,808.91 -- down by 355.70 points or 0.93 per cent.

The 50-issue NSE Nifty too cracked below the 11,400-mark and hit a low of 11,311.60, before finishing 102.65 points, or 0.90 per cent down at 11,354.25.

Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed.

(With inputs from PTI)