Biggest sell-off in markets after 2008 crisis

Biggest sell-off in markets after 2008 crisis

Concerned over the novel Coronavirus scare across globe, investors in India continued to sell off on Thursday too and markets extended losses. In what can be called as worst day since 2008 financial crisis, Nifty closed 8.30% lower and Sensex lost around 3000 points.

While Nifty Bank plunged 9.50%, Nifty Mid Cap suffered a downfall of 8.08% by end of the day. All the sectoral indices ended in negative. This can be seen as investors' response to Covid fears, concerns over a price war between OPEC and Russia. Top quality stocks like Reliance, Infosys, TCS & HDFC tanked 7.85%, 7.99%, 9.41% and 7.88% respectively. Almost all the bluechip stocks have hit 52-week low and the bloodbath on Dalal street is likely to continue on Friday too. In just one month, Nifty has lost more than 20% of its value.

Not just India, markets all over the world are facing a huge sell off and in the meanwhile, the total number of Coronavirus cases reached 1,26,652 and 4640 deaths were reported so far.