NE BUSINESS BUREAU
MUMBAI, MARCH 18
The S & P BSE Sensex and NSE Nifty 50 indexes crashed in noon trading as private sector banking shares witnessed sharp selling pressure amid rising cases of deadly coronavirus continue to spook investors, reports NDTV Profit.
The Sensex dropped as much as 4.55 per cent or 1,363 points to trade below important level of 30,000 and the NSE Nifty 50 index slumped as much as 408 points or 4.55 per cent to hit a fresh three-year low of 8,545. HDFC twins, Kotak Mahindra Bank, Axis Bank, ICICI Bank and IndusInd Bank were among the biggest drags on the Sensex.
As of 1:05 pm, the Sensex plunged 1,389 points or 4.54 per cent to 29,190 and the Nifty 50 index slumped 407 points or 4.5 per cent to 8,559.
“Whenever this kind of correction happens it takes 10-13 months for a meaningful bottom to be made and we did not see a reasonable correction since 2008 and one should not expect a recovery any time soon,” NDVT Profit has quoted AK Prabhakar, Head of Research at IDBI Capital Market as said. “Nifty can go down to 7,000 odd levels, as well,” he added.
