Stock Market perspective on Market Crash from the Motilal Oswal Dealing Room by Mr. Sandeep Gupta, Group Head – Dealing & Advisory, Broking & Distribution, Motilal Oswal Financial Services on Market Crash
Mr. Sandeep Gupta, Group Head – Dealing & Advisory, Broking & Distribution, Motilal Oswal Financial Services.
“Today markets opened with a gap down to snap three sessions of gains as daily new coronavirus infections continue to break records. Sensex plummeted 2%, set for its lowest level since Feb. 1, following a massive across-the-board selloff as mounting COVID-19 cases spooked domestic investors. Fear of harsher restrictions and more economic pain amid record surge in Covid-19 cases spooked investor sentiments. India reported its tenth record daily increase in Covid cases in eleven days, with the capital city of New Delhi announcing a complete curfew till next Monday. Maharashtra had already imposed stringent curbs, effective April 15. .
After crashing over 1,469 points in early trade, Sensex pared some initial losses but still ended 883 points or 1.8 per cent lower at 47949. Similarly, the broader Nifty tanked 258 points or 1.77 per cent to 14359. Banking stocks witnessed biggest losers today followed by Auto and Realty stocks. Nifty PSU Bank, Realty, and Auto Index declined over 4% each. However, select Tech and Pharma stock gained. India Vix surged 10% to 22.5.”
