Friday Mayhem In Dalal Street, Rs 5 Lakh Crore Investor Wealth Gone In Hours

 

Mumbai: Amid mounting concerns about the impact of coronavirus on global economy, Stock markets today plunged, tracking a collapse in global equities.

The Sensex fell over 1,300 points to 38,403, extending the selloff to the sixth day and wiping out investor wealth of about Rs 5 lakh crore in hours.

The Nifty breached 11,300 level today. Global markets are on track for the worst week since the global financial crisis in 2008 as virus-related disruptions to international travel and supply chains fuelled fears of recession in the US and the Euro Zone.

Heavyweights TCS, RIL and HDFC slumped between 2.5% and 3.5%. Among other major losers Bajaj Finance, Tech Mahindra, Infosys and Tata Steel were down between 5% and 6%.
Later in the day, the government will announce the GDP numbers for the December quarter.

The median forecast of a Reuters poll of economists put annual economic growth at 4.7% in the December quarter, marginally higher than 4.5% in the previous quarter. But some analysts say that even achieving 4.5% annual growth this current quarter would be a challenge.