Bloodbath on Dalal Street: Sensex crashes over 1,400 points on global rout

Mumbai, February 28

Continuing its downward spiral for the sixth straight session, equity benchmark Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly-spreading coronavirus.

After nosediving over 1,525 points during the day, the 30-share BSE barometer ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29, wiping off over Rs 5 lakh-crore investor wealth.

Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

Tech Mahindra was the top laggard in the Sensex pack, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance.

According to analysts, markets are increasingly getting worried about the rapid outbreak of coronavirus across geographies and the consequent economic fallout.

The viral outbreak that began in China has infected more than 83,000 people globally.

Further, incessant selling by foreign portfolio investors (FPIs) spooked retail investors, traders said.

According to provisional data available with stock exchanges, so far this week, FPIs have offloaded stocks worth Rs 9,389 crore on a net basis.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended up to 3.71 per cent lower.

Stock exchanges in Europe plunged up to 4 per cent in their morning sessions.

In overnight trade on Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day fall in history.

Brent crude oil futures dropped 3.38 per cent to USD 49.98 per barrel as traders turned jittery about the impact of coronavirus on crude demand, particularly from key consumer China.

On the currency front, the Indian rupee tumbled 55 paise to 72.16 per US dollar (intra-day). PTI

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