The Indian equity indices slumped on Wednesday (4 March) afternoon with the BSE Sensex trading over 700 points lower, on persistent fears of coronavirus turning into a pandemic, along with increasing confirmed cases in India.
There are at least 25 positive cases of COVID-19 in India at present, the Union Health Minister Harsh Vardhan informed earlier during a press conference in New Delhi.
The rate cut by US Federal Reserve announced on Tuesday failed to enthuse the investor sentiments. The decline in the indices is in line with the subdued global trend.
At 1.43pm, the Bombay Stock Exchange (BSE) Sensex was trading at 37,879, lower by 744.70 points or 1.93 per cent from the previous close of 38,623.70
It had opened at 38,715.72 and has so far touched an intra-day high of 38,791.70 and a low of 37,846.10.
The Nifty50 on the National Stock Exchange was trading at 11,112.30, lower by 191 points or 1.69 per cent from its previous close.
The major losers on the Sensex so far were Tata Steel, IndusInd Bank, State Bank of India, Bajaj Finance and HDFC Bank. On the other hand Sun Pharmaceuticals, Asian Paints, TCS, PowerGrid and Infosys.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.