Sensex and Nifty Crash as fear of Corona Virus Increases

Sensex and Nifty Crash as fear of Corona Virus Increases

Bears have moved in the market as the market crashes due to fear of Corona Virus. Increasing fear of Corona virus has resulted in a global sell-off which has also affected the Indian NSE and BSE Indices.

Sensex was reported to fall 806.89 points to 40363. 23 while NIFTY reported a drop of 251.45 points to 11829.40

 Corona Virus spreading globally is causing panic in Investors

South Korea has put the country in high alert as the number of Corona Virus cases have increased to 700 and deaths have increased to 7. China which is the epicentre of the virus has encountered more than 2400 deaths and 75000 plus infected cases. Numerous cases of coronavirus are being found in countries such as Italy and Australia. Increasing cases of corona virus shows sentiments of risk in investors which is causing this drop in prices.  

Investors moving to safer assets like Gold

Investors are moving their funds to safer markets such as gold and dollar with the dropping market prices. International gold price saw a 2% hike while gold was trading at 43310 in the local markets. 

Sectorial drop encountered in Metal, Auto and Telecom markets

A considerable sectorial drop was noticed in multiple indices. Metal indices were found to drop around 6% while auto and telecom index dropped 3.4 and 3.3% respectively. More than 170 stocks in BSE encountered their 52 weeks low. It was a red market throughout the day and investors lost over 3lakh Cr in a single trading session. 

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