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    Closing Bell: Market erases Friday’s gains, records the 2nd biggest single-day fall

    Closing Bell: Market erases Friday’s gains, records the 2nd biggest single-day fall

    Closing Bell: Market erases Friday’s gains, records the 2nd biggest single-day fall
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    By CNBC-TV18  IST (Updated)

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    The BSE Sensex ended the day 2,713 points lower at 31,390, while the Nifty50 ended 758 points lower at 9,197.

    Indian shares sank on Monday as the US Federal Reserve’s emergency move to cut rates back to near zero and disappointing economic data out of China spooked investors about the impact of the coronavirus outbreak on global growth.
    The Reserve Bank of India has also announced a press conference at 4:00 pm today which will be addressed by Governor Shaktikanta Das. Experts expect the central bank to cut rates by 50 bps in this press conference.
    The BSE Sensex ended the day 2,713 points lower at 31,390, while the Nifty50 ended 758 points lower at 9,197.
    Indian equities, which rebounded from a steep fall on Friday on hopes of coordinated stimulus measures to combat the impact of the virus, were kept in check on Monday by losses in financial stocks.
    Broader markets also bled with the Nifty Midcap index down 6.9 percent, while the Nifty Smallcap index shed 6.7 percent during the day.
    All sectoral indices also ended the day in the red. Nifty Metal lost nearly 9 percent, whereas Nifty Bank, Nifty IT, and Nifty Realty shed over 8 percent during the day. Nifty Auto and Nifty FMCG also fell over 5 percent and Nifty Pharma was down 4.2 percent.
    Among stocks, YES Bank was the only gainer in the Nifty50 index, while IndusInd Bank, JSW Steel, Tata Steel, Vedanta, and ICICI Bank led the losses.
    Shares of cash-strapped lender YES Bank surged 45 percent after the government notified the plan for eight banks to carry out a Rs 10,000 crore bailout for the lender. Yes Bank has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs 10,000 crore.
    Globally as well, stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed U.S. interest rates in an emergency move. In Asia, Shanghai blue chips fell 3 percent overnight even as China’s central bank surprised with a fresh round of liquidity injections into the financial system. Hong Kong’s Hang Seng index tumbled 3.4 percent.
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