Domestic stock markets gave in to losses led by financial stocks in late afternoon deals on Tuesday, as global markets continued in touch the brunt of the fallout of the coronavirus outbreak. The S&P BSE Sensex index plummeted the maximum amount as 995.13 points from the previous on the brink of hit 30,394.94 on the downside, and therefore the broader NSE Nifty 50 benchmark declined to as low as 8,915.60, down 281.8 points from the previous close. Those losses came in stark contrast compared to intraday highs of 32,047.98 and 9,403.80 touched by the Sensex and Nifty respectively within the half of the session.
At 3:23 pm, the Sensex traded 855.52 points (2.73 per cent) lower at 30,534.55, and therefore the Nifty was down 243.45 (2.65 per cent) at 8,953.95.
Thirty six stocks within the Nifty basket of fifty shares moved lower at the time. the most important losers in percentage terms were Zee Entertainment, ICICI Bank, IndusInd Bank, Bharti Infratel, UPL and Tata Motors, down between 6.39 per cent and 20.44 per cent.
On the opposite hand, Yes Bank was the highest percentage gainer, up 59.43 per cent at the time. Yes Bank shares soared the maximum amount as 72.91 per cent to Rs 64.15 apiece on the BSE during the session, compared with their previous close of Rs 37.10, after credit ratings major Moody's upgraded its rating on the troubled private sector lender and altered its outlook to "positive".
Other Nifty gainers were Eicher Motors, Hero MotoCorp, Hindustan Unilever and Maruti Suzuki, trading between 2.59 and 3.71 per cent higher.
Banking and financial services stocks were the worst hit. The Nifty Bank - comprising stocks of 12 major lenders within the country - was down the maximum amount as 4.51 per cent at the time. Financial stocks have a weightage of 42 per cent within the Nifty 50 benchmark.
The Federal Reserve Bank of India on Monday announced steps to tackle the impact of the coronavirus outbreak on the economy, but left interest rates unchanged, adding that it stands able to take any longer measures as necessary.
While some analysts said the gains on Tuesday were just a blip and investors were still in panic mode, others sounded hopeful of more government support to scale back the severity of the virus outbreak, which has wreaked havoc on businesses and provide chains.
"There is potential that the RBI might do more, and there's hope," said Anand James, chief marketing strategist at Geojit Financial Services.
Most Asian shares fell on Tuesday each day after Wall Street's historic market rout, with fleeting initial gains evaporating because the coronavirus remained a serious risk to economic process . MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.43 per cent lower. Japan's Nikkei stock market index slid 2.79 per cent and South Korea's KOSPI was off 3.2 per cent. Australian shares were up 0.5 per cent although this followed a huge plunge of just about 10 per cent on Monday.
US stock futures rose by their daily limit in Asian trading, driven partially by hopes for giant US fiscal spending, after the S&P 500 on Monday suffered its third-largest daily percentage decline on record.
At 3:23 pm, the Sensex traded 855.52 points (2.73 per cent) lower at 30,534.55, and therefore the Nifty was down 243.45 (2.65 per cent) at 8,953.95.
Thirty six stocks within the Nifty basket of fifty shares moved lower at the time. the most important losers in percentage terms were Zee Entertainment, ICICI Bank, IndusInd Bank, Bharti Infratel, UPL and Tata Motors, down between 6.39 per cent and 20.44 per cent.
On the opposite hand, Yes Bank was the highest percentage gainer, up 59.43 per cent at the time. Yes Bank shares soared the maximum amount as 72.91 per cent to Rs 64.15 apiece on the BSE during the session, compared with their previous close of Rs 37.10, after credit ratings major Moody's upgraded its rating on the troubled private sector lender and altered its outlook to "positive".
Other Nifty gainers were Eicher Motors, Hero MotoCorp, Hindustan Unilever and Maruti Suzuki, trading between 2.59 and 3.71 per cent higher.
Banking and financial services stocks were the worst hit. The Nifty Bank - comprising stocks of 12 major lenders within the country - was down the maximum amount as 4.51 per cent at the time. Financial stocks have a weightage of 42 per cent within the Nifty 50 benchmark.
The Federal Reserve Bank of India on Monday announced steps to tackle the impact of the coronavirus outbreak on the economy, but left interest rates unchanged, adding that it stands able to take any longer measures as necessary.
While some analysts said the gains on Tuesday were just a blip and investors were still in panic mode, others sounded hopeful of more government support to scale back the severity of the virus outbreak, which has wreaked havoc on businesses and provide chains.
"There is potential that the RBI might do more, and there's hope," said Anand James, chief marketing strategist at Geojit Financial Services.
Most Asian shares fell on Tuesday each day after Wall Street's historic market rout, with fleeting initial gains evaporating because the coronavirus remained a serious risk to economic process . MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.43 per cent lower. Japan's Nikkei stock market index slid 2.79 per cent and South Korea's KOSPI was off 3.2 per cent. Australian shares were up 0.5 per cent although this followed a huge plunge of just about 10 per cent on Monday.
US stock futures rose by their daily limit in Asian trading, driven partially by hopes for giant US fiscal spending, after the S&P 500 on Monday suffered its third-largest daily percentage decline on record.
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