Stock Market Today: On account of negative global sentiments coming out from the Coranavirus spread and the Reserve Bank of India (RBI) crackdown on the Yes Bank led to a sharp decline in the Indian indices. The BSE Sensex crashed 1284 points and hit 37,186 levels while the 50-stocks Nifty nosedived 360 points and hit 10,908 levels. Bank Nifty dipped 1287 points and hit 27,528 levels in the early morning trade session.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Coronavirus has already had its toll on the Indian indices and the recent RBI’s crackdown on Yes Bank has done further damage to the Indian stock market. In fact, not just yes Bank, it will have a negative impact on all Banking stocks and Bank Nifty will also witness heavy selloff in the coming trade session as Public Sector Banks are already under huge selloff pressure these days.”
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Shares of Yes Bank, SBI, Tata Motors, Reliance Industries, Tata Steel, India Bulls, ICICI Bank, HDFC Bank, IndusInd Bank and IRCTC stocks were among the most trending stocks in the early morning trade session while shares of SBI, Bajaj Finance, Max Financial and Axis Bank were among the most active stocks in the Opening Bell trade session.
Metal stocks receive maximum beating as the BSe Metal index crashed 4.33 per cent in the early morning trade session. Metal major Tata Steel share price crashed 4.95 per cent, Vedanta shares nosedived 4.40 per cent, shares of SAIL and NALCO dipped more than 3.9 per cent, Hindalco Industries stock price tanked near 5.2 per cent, Jindal Steel & Power stocks bowed down 4.63 per cent while Hindustan Zinc counter went off 2.60 per cent.
Yes Bank crisis took its toll on the entire banking sector as the BSE Banking index crashed 4.31 per cent in the Opening Bell trade session. Banking major Yes Bank share price crashed near 15 per cent, RBL Bank shares also went down near 14.5 per cent, SBI shares that is expected to invest in the Yes Bank nosedived 7.34 per cent, IndusInd Bank stock price tanked over 10 per cent while Axis Bank stocks dipped 4.15 per cent.
Among the major Asian index, the Japanese Nikkei 225 index crashed near 3 per cent, South Korean Kospi nosedived 2.24 per cent, Hang Seng dipped 2.30 per cent while the Shanghai index went off near 1 per cent in the Opening Bell trade session.