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The BSE barometer sank 2,002.27 points or 5.94 percent to close at 31,715.35. During the day, it touched a minimum of 31,632.02, lower by 2,085.6 points.
“Market sentiment dampened as tensions escalated between the US and China once again with (US President Donald) Trump threatening to impose new tariffs on China over the coronavirus,” said Siddhartha Khemka, chief (retail investigation ) of Motilal Oswal Financial Services Ltd,.
He added that on the domestic front, muted quarterly results, zero automakers’ sales, the extension of the blockade for another 2 weeks and the contraction in manufacturing activity led to the profit reserve.
The government has extended the national blockade for another two weeks until May 17, while restrictions have been eased in lower-risk areas, but travel, hotels, restaurants, shopping malls and movie theaters will remain closed.
Led by a weak trend in the stock market, the market capitalization of companies listed on the BSE fell by Rs 5.82.695.93 crore to Rs 1.23.58.924.89 crore.
ICICI Bank was the biggest laggard in the Sensex package, dropping nearly 11 percent, followed by Bajaj Finance, HDFC and IndusInd Bank.
Bharti Airtel and Sun Pharma were the only winners on the BSE index.
In the broader market, the BSE Midcap and Smallcap indices fell 4.25 percent and 3.14 percent, respectively.
Regarding BSE, 1,865 companies declined, while 554 advanced and 178 companies remained unchanged.
By sector, the EEB, bankex, metal, durable consumer goods, real estate and automotive indices fell to 8.26 percent.
The sell-off in other Asian and European stocks also played a role in dragging sentiment down.
During the last week that it was shortened during the holidays, the BSE barometer increased 2,390.40 points or 7.63 percent.
