Published 17:14 IST, April 13th 2020
Sensex loses 469 points, Nifty below 9000 mark as end of phase-1 of COVID lockdown nears
As the number of Coronavirus (COVID-19) cases in India rise to 9152, the market indices on Monday, witnessed a weak day in trading as Sensex lost 469.60 points
- Republic Business
- 3 min read
As the number of Coronavirus (COVID-19) cases in India rise to 9152, the market indices on Monday, witnessed a weak day in trading as Sensex lost 469.60 points or 1.51%, ending at 30690.02, according to PTI. Meanwhile, Nifty was down 118.05 points or 1.30% - ending below the 9000-mark at 8993.85 points. Market reports state 1194 shares have advanced, 1171 shares declined, and 201 shares are unchanged.
Markets see weak trading
As the first phase of national lockdown due to COVID-19 comes to an end on April 14, PM Modi is set to address the nation on Tuesday- 10 AM, hinting at an extension. Reports state that Nifty lost points due to lack of demand and growth seen in auto, realty and banking companies. While realty sector was one of the major losers, auto, bank, energy, IT and FMCG too lost heavily, as per reports. Industries like metal, pharma, and infrastructure reportedly saw buying.
PCOB picks up 1% of HDFC Ltd.
On Sunday, the People's Bank of China (PBoC) had bought a 1% stake in India's largest housing finance lenders - HDFC Ltd. This investment amounts to 1.75 crore shares in HDFC, which has reportedly been facing a receding trend in its shares since January. Reports state that the share purchase is likely to have happened between January and March. HDFC shares closed at Rs 1,701.95 on April 10, as per market reports.
Coronavirus hits global economy
The fear of the virus has disrupted business supply chains, while the number of positive cases has hit 18,64,666 cases and 1,15,101 deaths. Moody’s have estimated that coronavirus has increased the risk of a global recession as advanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle the virus, but the UN has claimed that India and China may be spared. Analysts have said that as China is the largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' trade were brought to a standstill due to China closing off its borders, but now is seeing action as China picks up manufacturing. Currently, the Indian economy is at a standstill, as the nation is at a lockdown till April 14 - with six states including the richest state - Maharashtra, have extended lockdown till April 30.
Updated 17:14 IST, April 13th 2020