NEW DELHI: There’s no stopping carnage on Dalal Street as coronavirus outbreak reaches US shores. Domestic investors were meek spectators on Friday morning, as a record point-wise plunge for US Dow Jones in overnight trade set stage for worst weekly fall for global markets since 2008.
Domestic stocks wiped Rs 5.53 lakh crore of investor wealth with the total market capitalisation of BSENSE 0.96 % falling below Rs 150 lakh crore mark as investor fret that fast-spreading virus will soon be listed as pandemic, which would have a far-reaching impact on the world economy.
Over 100 stocks hit their lower circuit limits and 350 stocks hit their fresh 52-week low for the day.
Among the recent worst falls, Sensex had dived 879 points on February 25. On April 14, 2019, the index slumped 800 points while on April 12, 2019, the index declined 799 points for the day. On October 10, 2018, the index plunged 832 points.
In the overnight trade, Dow Jones posted its largest-ever points drop. The Dow Jones fell 1,190.95 points, or 4.42 per cent, to 25,766.64. The near 1,200-point drop for the Dow was its largest ever for a single session.
The S&P500 index lost 137.63 points, or 4.42 per cent, to 2,978.76 and the Nasdaq Composite dropped 414.30 points, or 4.61 per cent, to 8,566.48.
MSCI all country world index fell 3.3 per cent to bring its losses this week to 8.9 per cent (till Thursday), on course for its biggest weekly decline since a 9.8 per cent plunge in November 2008. Data showed foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 3,127.36 crore on Thursday.
India Inc seems to have started seeing the impact of disruption in global trade following the Coronavirus outbreak.
The same day Tata Group hospitality chain The Indian Hotels Company (IHCL) said there was an impact from coronavirus spread on the business but was difficult to quantify as yet.
Many Indian companies have of late cleared air on their dependence on China.
Gabriel India last week said the company is not much impact by the virus outbreak, even as there is some impact on the industry. Production, it said, is already started in China as told by the company’s suppliers.
Berger Paints said it does not see a significant impact.
Data showed foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 3,127.36 crore on Thursday.
Brent crude oil futures fell over $1 to $50.66 a barrel.