July 10, 2020 | 8:08 PM IST
Market

Sensex nose-dives 1100 points amidst fears that Coronavirus heads towards epidemic

Domestic stock market on Friday collapsed miserably by over 1,100 points to 38,601 amid rising concerns on the global spread of Coronavirus. The nose-dive wiped off over Rs 5 lakh crore investor wealth and is said to be the worst week in four years. The market experts are of the view that this is just the beginning and the worse is yet to come.

Tata Steel (down 4%), Tata Finance (down 4%), Tech Mahindra (down 5%) and HCL Tech (down 4%) were among the major Sensex components that were trading in the red. Infosys, Mahindra and Mahindra, Bajaj Finance, Oil and Natural Gas Corporation Limited (ONGC), Reliance Industries were also among the other prime business losers.

The investor sentiment also remained sluggish amid reports that the GDP growth is likely to stay at 4.5% in October-December 2019.

Chief Investment Strategist at Mitsubishi UFJ Morgan Stanley Securities Norihiro Fujito said that the Coronavirus now looks like a pandemic. He said that the markets can cope even if there is a big risk as long as the end of the tunnel is visible, but at the moment, no one can tell how long this will last and how bad it will get.

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