The 30-share Sensex closed 2.58 per cent or 810.98 points down at 30,579.09 today, the lowest close since March 10, 2017. The 50-share Nifty dropped 2.50 per cent or 230.35 points to close at 8,967.05, the lowest close since May 24 2017. The index closed below the 9,000 mark for the first time in three years. For the Sensex, 21 stocks ended in the red today, while for the Nifty only 16 stocks could close with gains. BSE MidCap and BSE SmallCap indices dropped 1.84 per cent and 2.27 per cent respectively. All sectoral indices closed lower.
Benchmark equity indexes erased the day's gains and tumbled more than 2.5 per cent to three-year closing lows, joining the selloff in world equities as the investors fretted over damage to the global economy from fast-spreading coronavirus pandemic. On Monday, the US President Donald Trump warned the world's largest economy could be heading into a recession. Total number of coronavirus cases in the world have exceeded 1,80,000. In India, the total number of coronavirus confirmations have reached 130, with three deaths.
The Nifty started Tuesday's session on a positive note and moved towards the 9,400 mark in first half of the session. However, it failed to sustain at higher levels and nose-dived in the last hour of trade. The index slipped below the important psychological 9,000 mark for the first time since March 2017 and formed a long bearish candle on the daily chart. All global markets are in strong bear grip. Analysts say the Nifty can revisit the recent low of 8,555. As long as Nifty doesn't close above its previous day's high, the bears will have an upper hand on the market.