Sensex & Nifty continue to be maniac

The maniac at D-Street continued on Monday as well, since the stock markets witnessed a massive sell-off with bears taking the lead on account of rising Coronavirus cases in India and also, globally. The rise in cases has led to a forceful shut down of businesses and disruption in manufacturing operations.

Monday saw Sensex dive down by 1,375.27 points, which is 4.61 per cent to the level of 28,440.32 and Nifty witnessing a fall by 379.15 points, which is 4.38 per cent to be at the level of 8,281.10. Additionally, investor sentiments seem to be weak with the increase in dumping of stocks by foreign investors.

Most of the companies seem to be in the process of delaying their outstanding payments thus, the markets expect a long chain of payment defaults to begin soon. A deepened recession is expected as the global growth outlook looks very crippled, leading to the global stock markets trading in red as well.

Despite the volatility in markets, Sensex stocks that closed in green were Nestle-up by 3.93 per cent, HUL-up by 2.19 per cent, Tech Mahindra-up by 4.94 per cent, Axis Bank-up by 2.50 per cent, IndusInd Bank-up by 0.13 per cent, etc.

Many stocks closed in red such as Mahindra & Mahindra down by 7.46 per cent, Baja Finance had a huge fall of 11.95 per cent, HDFC Bank fell by 7.96 per cent, Tata Steel dropped by 8.36 per cent, Hero MotoCorp fell by 6.53 per cent etc.

Amongst sectoral indices, Realty fell by 7.01 per cent followed by Bankex and Auto registering a drop of 5.85 per cent and 5.44 per cent, respectively. Small-cap index was down by 1.75 per cent whereas Mid-cap index was down by 2.13 per cent. Only two sectors namely Healthcare and FMCG were in green, up by 1.07 per cent and 0.67 per cent, respectively.