As Sensex crashes 1,100 points, Rs 5 lakh crores wiped off from share market on Friday morning

After South Korea, Iran and Italy reported a spike in cases, domestic benchmark index BSE Sensex has tanked 2,162 points so far this week. On Friday morning S&P BSE Sensex crashed more than 1,100 points or 2.8 per cent to trade at 38,595 points. On the other hand, the Nifty-50 index was below the 11,300 mark after losing 343 points or 2.95 per cent. Amidst all this, in a matter of minutes on Monday morning, market capitalisation of BSE Sensex, which was at Rs 152.4 lakh crore on Thursday, went down falling to sit at Rs 147.6 lakh crore, making investors poorer by Rs 5 lakh crore.

The 30 stocks that constitute the S&P BSE Sensex were all trading in the red when share markets opened on Friday morning. Among the biggest losers were Tata Steel, which tanked close to 8 per cent; followed by Tech Mahindra, which fell 5 per cent; and Infosys, which was down by 4 per cent. On the Nifty 50 index, Tata Motors was the worst affected along with Vedanta Limited and Tata Steel.

Since the day Coronavirus spread far and beyond the Chinese borders into Europe and Asia the Indian indices have been descending. In terms of market capitalisation, S&P BSE Sensex stood at Rs  158.7 lakh crore on February 19 when the stock exchange closed. 11 lakh crores have been wiped off the bourses since then.

MSCI all country world index fell 3.3% on Thursday to bring its losses so far this week to 8.9%, on course for its biggest weekly decline since a 9.8% plunge in November 2008. The benchmark S&P 500 index of the US slipped more than 4 per cent on Thursday, continuing a fall that has now taken 10 per cent off the closing high of the index that came on February 19. Hang Seng was down 2.45 per cent; Shanghai Composite Index fell 2.70 per cent. As Global markets were falling this week, gold prices have been moving in the opposite direction. Gold futures gained 0.34 per cent or Rs 146 to Rs 42,650 per 10 grams while silver futures edged 0.61 per cent or Rs 282 to Rs 46,858 per kg. Gold is looked at as a safe haven during such times.

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