Market plunges as WHO declares coronavirus pandemic

Lucknow: A day after the WHO declared coronavirus as ‘Pandemic’, that triggered travel bans globally, shock waves were felt across financial and commodity markets. Nifty plunged by over 900 points and Sensex by over 3000 points by 2 pm in the day, extending the morning loss.

Among reasons coronavirus outbreak, Yes Bank crisis, plunge in oil prices, FII outflow. To mention this is not for the first time when the Nifty50 has entered a bear phase. The last time when it entered bearish territory was in 2015 before bouncing back.

All the sectoral indices were trading at 52-week low. BSE Midcap and smallcap indices shed 7-8 %. Among the top BSE losers includes Axis Bank, Hero MotoCorp and State Bank of India which shed 9 % each. The HDFC Bank, Reliance Industries, SBI, ICICI Bank and Bajaj Finance were the most active stocks.

Aviation stocks were the worst hit. Shares of aviation majors including InterGlobe Aviation and Spicejet tanked up to 19 %. This is seen as a result of stringent travel curbs to the country. Various governments, centre and state cancelled public events that is considered to be one reason for spread of virus.

In Lucknow the event on World Glucoma Day at the 1090 crossing was called off. A circular from the office of national health mission UP, MD said the awareness rally on March 13 is called off with immediate effect.