The Indian stock market suffered worst-ever single-day crash on Monday, with the benchmark indices plunging as much as 13.15 per cent, as panicked investors remained in sell-off mode amid lockdowns in several states in the country due to mounting coronavirus cases.
The BSE benchmark Sensex plummetted 3,935 points or 13. 15 per cent toclose at 25,981.24; while the NSE barometer Nifty cracked 1,135.20 points or12.98 per cent to settle at 7,610.25.
On the currency front, the Indian rupee plunged below the 76-level(intra-day) for the first time.
In the very first hour of trade onMonday, trading on the BSE and the NSE had to be halted after the benchmarkindices – Sensex and Nifty – hit the 10 per cent lower circuit breaker.
As trading resumed after a 45-minute freeze, losses widened on bourses dueto unabated sell-offs across sectors.
Global stocks too roiled after nations across the world announcedlockdowns in an effort to mitigate the spread of Covid-19 pandemic, spikingfears of a mammoth global recession.
On the Sensex chart, Axis Bank was the top loser, tanking over 28 percent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank, Maruti and L&T.
All sectoral indices ended significantly lower, with BSE bankex, finance,capital goods, basic materials, industrials and auto indices plunging up to16.82 per cent.
Broader midcap and smallcap indices tanked over 12 per cent each.
Meanwhile, S&P Global Ratings on Monday cut its estimate for India’sGDP growth for the next fiscal to 5.2 per cent from its earlier estimate of 6.5per cent, which further worsened the market sentiment that has been alreadyreeling under the coronavirus spread.
In the global market, bourses in China, Hong Kong and South Korea plungedup to 5 per cent, while those in Japan ended on a positive note. Bourses inEurope sank up to 4 per cent.
Meanwhile, Brent crude oil futures dropped 5.30 per cent to USD 25.55 per barrel.