Indices take cuts of 13 per cent post nationwide lockdown

Indian equity benchmark indices Sensex and Nifty closed as down as 13 per cent each on Monday. The expiry week started with a very bad sentiment due to the shutdown in major parts of the country to control the spread of Coronavirus.

Sensex fell as much as 13.15 per cent to end the session at 25,981 which is its lowest level since December 2016. The participants of the index, all ended with declines which were as deep as 28 per cent for heavy weights such as Axis Bank. The 50 share gauge, Nifty fell 12.7 per cent to end the session at 7,634 closing its lowest levels since April 2016. All 50 stocks ended the day with cuts, with four of them falling over 20 per cent.

The banking major such as Axis, IndusInd and ICICI ended the session cuts as big 28 per cent, 24 per cent and 18 per cent. The market sentiment is so negative that out of 30 stocks on Sensex, 22 ended the session with double digit losses. The broader indices represented by BSE Mid-cap and Small-cap closed with losses of 12.8 per cent and 12.27 per cent today.

The street remains uncertain of things such as announcement of closure of stocks markets or reduction in trading hours amid sharp selling pressure and volatility seen in the markets. Though, there isn’t any confirmation from legal source or stocks exchanges, the market participants remain on hold for some respite from this sell-off.