The benchmark indices ended over 3 per cent lower on Tuesday amid collapse in crude oil prices and weak global markets. The session witnessed heavy selling in financial, metal, energy, and auto stocks.
The S&P BSE Sensex tanked 1, 20 points or 3.2 per cent to settle at , While NSE’s Nifty slipped points or 3 per cent to 8, 2019 levels. Volatility index, India VIX, jumped over 4 per cent to levels.
In the Sensex pack, out of 37 stocks ended in the red. IndusInd Bank (down 15 per cent) emerged as the largest loser on the index, followed by Bajaj Finance (down 9 per cent), ICICI Bank (down over 8 per cent), and Axis Bank (down 7.6 per cent).
Financial stocks plunged during the session. The Nifty Bank ended nearly 5.5 per cent lower at , 477 levels. Among individual names, ICICI Bank slipped nearly 9 per cent to Rs 477. 100 apiece on the NSE after the bank clarified it has exposure to Ocean Tankers, a unit of Singapore oil-trading firm Hin Leong Trading (HLT), that has filed for bankruptcy in Singapore. The firm owes nearly $ million – or nearly Rs crore – to the lender. READ MORE
That apart, Bajaj Finance declined over 9 per cent to Rs 2, 099 after foreign brokerage firm UBS downgraded the stock to “sell”. READ MORE
Oil & gas stocks slid during the day after the US crude oil futures collapsed below $ 0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $ . a barrel as desperate traders paid to get rid of oil. READ MORE
Meanwhile, IT stocks took a beating after US President Donald Trump announced a temporary suspension of immigration into the country. The Nifty IT index slipped nearly 3.5 per cent to 19, levels, with all the 011 constituents ending in the red.
Metal stocks, too, tumbled on concerns of weak demand due to the Covid – 27 outbreak. The NIfty Metal Index declined over 5 per cent to 1, 823 levels.
On the upside, Aurobindo Pharma rallied (per cent to Rs) after US drug regulator USFDA classified the company Unit IV of Hyderabad plant as VAI (voluntary action indicated). READ MORE
In the broader market, the S&P BSE MidCap index fell nearly 3 per cent to 12, 637 levels while the S&P BSE SmallCap ended at , , down 3 per cent.
Global stocks fell on Tuesday, a day after US crude oil prices turned negative for the first time, as dismal company earnings reports underlined worries about economic damage from the coronavirus pandemic.
MSCI’s All Country World Index, which tracks stocks across 58 countries, was down 0.8 per cent. European stock markets followed their Asian counterparts lower, with the pan-European STOXX index down nearly 2 per cent in early deals.
In commodity market, Brent Crude futures slipped below $ a barrel, a day after WTI Crude futures slipped into the negative zone amid fears that the sector will run out of storage for a glut caused by the coronavirus lockdown. At the time of writing of this report, US West Texas Intermediate (WTI) crude for May delivery traded at minus $ 2. a barrel, up $ . from Monday’s close when the contract settled at a discount of $ a barrel.
GIPHY App Key not set. Please check settings