Fear & panic grip D-Street as 1,000 stocks hit 52-week low on BSE; volumes of Tata Motors, SBI surge

Coronavirus pandemic has resulted in bloodbath across global markets including the Indian equity market which tanked over 8 percent in the afternoon trade.

Sensex is down 3,019.75 points or 8.46 percent at 32677.65, and the Nifty plunged 891.55 points or 8.52 percent at 9566.85.

The World Health Organisation (WHO) on March 11 said coronavirus 'can be characterised as a pandemic'.

"WHO has been assessing this outbreak around the clock and we are deeply concerned both by the alarming levels of spread and the severity, and by the alarming levels of inaction," Tedros Adhanom Ghebreyesus, the Director-General of WHO said in a media briefing.

Heavyweights ITC and State Bank of India crashed over 13 percent while Axis Bank, Tata Motors and ONGC shed 10-12 percent in the afternoon trade.

Surge in volumes was seen in stocks including YES Bank, Tata Motors and State Bank of India as these names cracked 10-14 percent.

Share price of Vodafone Idea fell almost 6 percent. It witnessed spurt in volume by more than 2.03 times was trading with volumes of 120,419,500 shares, compared to its five day average of 54,434,399 shares, an increase of 121.22 percent.

Tata Motors share price crashed 11 percent and saw spurt in volume by more than 1.89 times. It also hit new 52-week low value of Rs 85.75 per share. It was trading with volumes of 7,417,597 shares, compared to its five day average of 3,728,657 shares, an increase of 98.93 percent.

PSU banking major State Bank of India share price dived over 14 percent, hitting new 52-week low of Rs 208 per share in the process. The stock was trading with volumes of 4,252,677 shares, compared to its five day average of 3,377,725 shares, an increase of 25.90 percent.

YES Bank share price was down 15 percent in the afternoon session and hit lower circuit of Rs 25.95 per share on the BSE. It was trading with volumes of 29,854,641 shares, compared to its five day average of 47,924,118 shares, a decrease of -37.70 percent.

The shock that coronavirus seems to have wrought on the world markets is unparalleled in recent history. The fact that it has gone on to effect mobility and social interaction has only amplified the sense of panic which is abundantly reflected in financial markets, said Siddharth Mehta, Founder & CIO, Bay Capital.

While markets may well go down further, investing when terrified is one of the hardest things to do. It is through this terror that one must think rationally and look to buy great businesses which are unleveraged, which are stellar capital allocators with the highest governance standards and which will not just survive but come out stronger over the next 5 to 10 years and thus potentially provide outsized returns to the intrepid investor, said.

About 161 shares have advanced, 2155 shares declined, and 79 shares are unchanged.

India VIX surges to 6-year high, jumping 26.24 percent at 39.84 level.

"Markets will remain nervous till peak of coronavirus spread is behind us. Economic damage around the world is going to be much more severe than anticipated," Sajjid Chinoy of JPMorgan told CNBC-TV18.

According to him, the global growth may dip to -1 percent, while the India GDP will be impacted by at least 70-80 bps.

Over 658 stocks hit lower circuit on BSE including names like Indiabulls Housing Finance, Interglobe Aviation, IRCTC, Corporation Bank, Avenue Supermarts, Havells India, Welspun Corp and Vakrangee among others.

1168 stocks hit new 52-week low on BSE. The top names included Lemon Tree Hotels, SpiceJet, Motherson Sumi Systems, Adani Gas, Future Retail, PNB Housing Finance, Glenmark Pharma, Tata Motors, RBL Bank, HPCL, Bandhan Bank, Oil India, Vedanta, BHEL, SAIL, NALCO, Cummins India, Just Dial, Sun TV Network, Axis Bank, GAIL India, Tata Steel, PNB, Hindalco Industries,  State Bank of India, Sun Pharma, ITC, Hero MotoCorp, Coal India and UltraTech Cement among others.