Bloodbath on stock markets! Sensex crashes 2,919 points, Nifty closes at 2-year low; SBI shares bleed

Stock market on Thursday has seen a bloodbath with Sensex and Nifty going down to multi-month lows leaving investors struggling to find the right stocks for investing. Photo: Reuters

Stock Market Today: After opening around 4.75 per cent on the lower side from its previous close, the Indian indices went further downward on the rise of Coronavirus spread in over 115 counties. The BSE Sensex crashed 2,919 points and closed at 32,778 levels while the Nifty index nosedived 868 points and closed at 9,590 levels — below its March 2018 levels. Bank Nifty slide 2,516 points after closing at 23,971 levels.

Speaking on the stock market crash Hemant Sood, Managing Director at FINDOC said, "Stock market on Thursday has seen a bloodbath with Sensex and Nifty going down to multi-month lows leaving investors struggling to find the right stocks for investing. There is a bearish sentiment in the market, hence, it is important that investors do not get hassled at the moment and wait for the right opportunity so that the capital does not get eroded. The forced halt in stock-market activity, driven by a coronavirus and a geopolitical fight over oil, has proved wrong all algorithms of professional traders and investors." Sood said that a pause is helpful for an average investor, who can either be scared and make losses or sit tight in the present situation.

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"It is suggested to contemplate and take a deep breath and then ask yourself, Is there any change in your long-term goals?” If the answer is no, one should ignore the market volatility.The other option for the investor is to park funds as the markets are down, and when the markets start moving upward an investor can identify momentum stocks and invest in them,” said Sood.

Reliance Industries share price crashed 8.26 per cent that turned out one of the major reasons for such a slide in the Indian indices as RIL shares hold arond 16 per cent strength at the Sensex. Adani Gas shares nosedived 17.25 per cent, oil PSU stock Bharat Petroleum Corporation Ltd or BPCL went off 7.39 per cent, Castrol India stock price slide over 5 per cent, HPCL counter dipped 10.86 per cent while IOCL scrip tanked to the tune of 9.74 per cent.

In the banking sector, after SBI booster dose Yes Bank shares tanked over 13 per cent, SBI shares crashed to the tune of 13.23 per cent, Axis Bank stock price nosedived 11.60 per cent, Federal Bank stocks went southward 11.62 per cent, ICICI Bank shares dipped 8.68 per cent, HDFC Bank scrip went down 7.71 per cent while Kotak Mahindra Bank share price corrected 7.55 per cent.

In the metal sector, Vedanta and Hindalco Industries share price crashed over 13 per cent, Steel Authority of India Ltd or SAIL share price dipped 13.76 per cent, shares of JSW Steel went down 9.15 per cent, Hindustan Zinc stock price nosedived 10.19 per cent, NMDC scrip went off over 11 per cent while NALCO counter slide 0ver 9.5 per cent in the intraday trade session.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 4.56 per cent, South Korean Kospi nosedived 3.87 per cent, Hang Seng dipped 4.04 per cent while Shanghai index went off 1.63 per cent.

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