NEW DELHI: Equity indices plunged in opening session on Friday with the benchmark BSE sensex falling over 550 points, dragged by banking, financial and IT stocks.
The 30-share BSE index fell 575 points or 1.80 per cent to 31,288; while the broader NSE Nifty dropped 132 points or 1.42 per cent to 9,182.
Major laggards in the sensex pack included ICICI Bank, Bajaj Finance, IndusInd Bank, Axis Bank, HDFC twins and SBI with their shares falling as much as 5.02 per cent.
On NSE, except for Nifty Pharma, all other sub-indices were trading in red with Nifty Private Bank, Bank and Realty falling up to 3.36 per cent.
Domestic market opened on a negative note as global stocks slumped amid projections of severe coronavirus-led blow to the global economy, traders said.
Financial stocks took a beating after Franklin Templeton announced it would wind up six-yield oriented, managed credit funds in the country, citing severe market dislocation and illiquidity caused by the coronavirus pandemic.
The number of coronavirus cases in the country has crossed the 20,000 mark and over 700 people have lost their lives.
On the macro front, Fitch Ratings slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal, saying an unparalleled global recession was underway due to the COVID-19 crisis.
The agency has further made large cuts to global GDP forecasts. Global economic growth is now expected to fall by 3.9 per cent in 2020, a recession of unprecedented depth in the post-war period.
Further, reports on Thursday said a potential antiviral drug flopped in a clinical trial, citing documents published accidentally by the World Health Organisation (WHO).
In the previous session, the BSE sensex surged 483.53 points or 1.54 per cent to close at 31,863.08, a six-week high. The broader NSE Nifty also advanced 126.60 points, or 1.38 per cent, to settle at 9,313.90.
Meanwhile, foreign portfolio investors were net sellers in the capital market on Thursday, as they offloaded equity shares worth Rs 114.58 crore, according to provisional exchange data.
(With agency inputs)
The 30-share BSE index fell 575 points or 1.80 per cent to 31,288; while the broader NSE Nifty dropped 132 points or 1.42 per cent to 9,182.
Major laggards in the sensex pack included ICICI Bank, Bajaj Finance, IndusInd Bank, Axis Bank, HDFC twins and SBI with their shares falling as much as 5.02 per cent.
On NSE, except for Nifty Pharma, all other sub-indices were trading in red with Nifty Private Bank, Bank and Realty falling up to 3.36 per cent.
Domestic market opened on a negative note as global stocks slumped amid projections of severe coronavirus-led blow to the global economy, traders said.
Financial stocks took a beating after Franklin Templeton announced it would wind up six-yield oriented, managed credit funds in the country, citing severe market dislocation and illiquidity caused by the coronavirus pandemic.
The number of coronavirus cases in the country has crossed the 20,000 mark and over 700 people have lost their lives.
On the macro front, Fitch Ratings slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal, saying an unparalleled global recession was underway due to the COVID-19 crisis.
The agency has further made large cuts to global GDP forecasts. Global economic growth is now expected to fall by 3.9 per cent in 2020, a recession of unprecedented depth in the post-war period.
Further, reports on Thursday said a potential antiviral drug flopped in a clinical trial, citing documents published accidentally by the World Health Organisation (WHO).
In the previous session, the BSE sensex surged 483.53 points or 1.54 per cent to close at 31,863.08, a six-week high. The broader NSE Nifty also advanced 126.60 points, or 1.38 per cent, to settle at 9,313.90.
Meanwhile, foreign portfolio investors were net sellers in the capital market on Thursday, as they offloaded equity shares worth Rs 114.58 crore, according to provisional exchange data.
(With agency inputs)
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