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    Afternoon Session: Sensex slides 2,100 points, Nifty below 10,400; Reliance Industries drops 12% as crude prices slump

    Afternoon Session: Sensex slides 2,100 points, Nifty below 10,400; Reliance Industries drops 12% as crude prices slump

    Afternoon Session: Sensex slides 2,100 points, Nifty below 10,400; Reliance Industries drops 12% as crude prices slump
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    By Ankit Gohel   IST (Published)

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    Indian benchmark indices traded over 5 percent lower Monday afternoon following a slide in global peers on fears over the spread of coronavirus outbreak and a steep plunge in crude oil prices.

    Indian shares nosedived over 5 percent on Monday afternoon, tracking a sharp global equity sell-off on persisting fears over the spread of coronavirus outbreak and a steep collapse in crude oil prices. Sustained selling in blue-chips such as Reliance Industries, HDFC, HDFC Bank, L&T, ONGC, Vedanta among others dragged Nifty below the 10,400 levels.
    At 1 pm, the benchmark 30-share S&P BSE Sensex traded 1,938.03 points lower, or 5.16 percent, at 35,638.59 while the broader 50-share NSE Nifty50 tanked 561 points, or 5.11 percent, to 10,428.35.
    The Sensex traded at 13-month low while the Nifty dropped around 1850 points from its all-time high. Nifty has fallen 15 percent from the January levels of 12,430. The banking gauge, Nifty Bank traded at 14-month low levels.
    All Nifty sectoral indices traded with deep cuts, correcting between 2 and 6 percent. Broader market indices, Nifty MidCap100 and SmallCap100 indices shed 4 percent each.
    ONGC, Vedanta, ZEEL, Reliance Industries and Tata Steel were top Nifty losers while Yes Bank, BPCL, Bharti Infratel and Indian Oil Corporation led top gainers.
    Indiabulls Housing Finance shares plunged more than 15 percent on concerns over its Rs 662 crore exposure to the troubled Yes Bank. The scrip corrected 16.94 percent to hit an intraday low of Rs 211.30 on the BSE. Indiabulls Housing Finance on Sunday said Yes Bank owes it Rs 662 crore in the form of bonds to the company, and it has no term loans outstanding from the lender.
    Shares of cash-starved Yes Bank rose 41 percent on Monday after the State Bank of India (SBI) said it would infuse funds into the private sector lender. On the National Stock Exchange (NSE), Yes Bank shares opened higher at Rs 17 apiece and climbed to Rs 22.80 apiece, marking an intraday increase of 41.17 percent. The shares of the bank rose up to 40.74 percent on the Bombay Stock Exchange (BSE) to an intraday high of Rs 22.80 apiece.
    Shares of Reliance Industries slumped 12 percent in intra-day trade amid a sharp slump in global crude oil prices.
    Meanwhile, the rupee opened 37 paise lower against dollar at 74.10 per dollar versus previous close of 73.79.
    Globally, Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20 percent after Saudi Arabia slashed its official selling price.
    Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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