Benchmark indices ended lower but day’s low with Nifty finished below 11,000 level.
At close, the Sensex was down 893.99 points or 2.32% at37,576.62, and the Nifty was down 279.50 points or 2.48% at 10,989.50. About538 shares have advanced, 1875 shares declined, and 125 shares are unchanged.
Tata Motors, Zee Entertainment, Tata Steel, SBI and IndusIndBank were among major losers on the Nifty, while gainers were Bajaj Auto,Maruti Suzuki, GAIL, and Asian Paints.
All the sectoral indices ended in the red. Nifty PSU Bankfell 5 percent, followed by metal (down 4.4 percent) and Nifty Bank down 3.5percent each. BSE Midcap and smallcap indices down 2 percent each.
On a weekly basis, Sensex dropped 1.8 per cent while Niftylost 1.89 per cent.
Among individual stocks, YES Bank cracked as much as 85 percent during the day after RBI suspended the bank’s board and placed it undermoratorium for 30 days and capped withdrawal limit to Rs 50,000 for theone-month period. The stock eventually settled at Rs 16, down 56 per cent.
State Bank of India (SBI) closed around 6.5 per cent lowerat Rs 270, after it informed that its board has given in-principle approval toconsider an “investment opportunity” in YES Bank. Besides, other bankingstocks, too, tumbled in the trade. The Nifty Bank index ended at 27,781, downover 1,000 points or 3.6 per cent.
Meanwhile, global stock markets tumbled on Friday asdisruptions to business from the spreading coronavirus epidemic worsened,stoking fears of a prolonged economic slowdown.
European shares opened sharply lower, with travel stocksbearing the brunt. The MSCI All-Country World Index, which tracks shares across47 countries, was down 0.72 per cent.
Earlier in Asia, MSCI’s broadest index of Asia-Pacificshares outside Japan fell 2.1 per cent, while Japan’s Nikkei stock index sank2.94 per cent. Australian shares were down 2.44 per cent. Shares in China fell1.22 per cent, while stocks in Hong Kong, another city hard hit by the virus,fell 2.12 per cent.
Oil prices also fell due to worries that non-OPEC oilproducers might not agree to output cuts even though global energy demand isweakening.