Equity benchmark Sensex plunged over 1,100 points in opening session on Monday tracking losses in global equities as unabated spike in COVID-19 cases across the world has hammered economic growth, sending the world into an economic recession.<\/p>\n
The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession.<\/p>\n
After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77.<\/p>\n
Similarly, the NSE Nifty fell 245.30 points, or 2.83 per cent, to 8,414.95.<\/p>\n
Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank. On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.<\/p>\n
In the previous session, the 30-share BSE barometer ended 131.18 points or 0.44 per cent lower at 29,815.59, while the broad-based Nifty closed 18.80 points, or 0.22 per cent, higher at 8,660.25.<\/p>\n
Foreign institutional investors (FIIs) turned net buyers in the capital market, as they purchased equity shares worth Rs 355.78 crore on Friday, according to provisional exchange data.<\/p>\n
According to traders, investors across the globe are jittery over the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns.<\/p>\n
The IMF on Friday said it has reassessed the prospects for growth for 2020 and 2021.<\/p>\n
It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021,” IMF Managing Director Kristalina Georgieva stated.<\/p>\n
Analysts said the stimulus package announced by the Indian government and RBI will have limited effect, until the actual impact of the contagion is known – both economically and with the number of infections.<\/p>\n
On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower.<\/p>\n
Meanwhile, the Indian rupee depreciated 28 paise to 75.18 against the US dollar in morning trade.<\/p>\n
Brent crude futures, the global oil benchmark, fell 4.44 per cent to USD 26.71 per barrel.<\/p>\n
The number of COVID-19 cases in India surged past 1,000 over the weekend, according to health ministry log.<\/p>\n
Deaths around the world linked to the pandemic crossed 30,000 over the weekend.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Equity benchmark Sensex plunged over 1,100 points in opening session on Monday tracking losses in global equities as unabated spike in COVID-19 cases across the world has hammered economic growth, sending the world into an economic recession. The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession. After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77. Similarly, the NSE Nifty…<\/p>\n","protected":false},"author":1,"featured_media":26189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,4],"tags":[],"_links":{"self":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/26317"}],"collection":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26317"}],"version-history":[{"count":1,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/26317\/revisions"}],"predecessor-version":[{"id":26318,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/26317\/revisions\/26318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/media\/26189"}],"wp:attachment":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}