Indices reverse gains; Sensex slides close to 300 points, Nifty below 8,400, the rupee trades little

Live updates from the stock market today:At 2:45 p.m. the indices fell after advancing sharply. Sensex slid nearly 300 points while the Nifty was below 8,400. The rupee was trading lower, but hit a record low of 75.15 for the dollar, amid trade volatility. on the national stock market. It trades lower than 82 paise at 75.08 for one dollar against a previous close 74.26.

At 2:02 p.m., the indices recovered sharply, erasing all intraday losses. Sensex earns more than 2,000 points from the lowest. Sensex was 29,098.59, up 229.08 points or 0.79%. The Nifty was up 7.30 points or 0.09% to 8,476.10. About 566 stocks rose, 1640 stocks fell and 109 stocks were unchanged.

The indices strongly go up at 11:15 a.m. Sensex traded 516.72 points or 1.79% at 28,352.79 while the Nifty was above 8,300

Nifty traded 119.80 points or 1.41% to 8,349.00.

At 10:05 a.m., the Sensex and the Nifty were at their lowest in 3 years. Rupee was also at the lowest. Sensex is down 1798.84 points or 6.23% to 27,070.67 and the Nifty 523.15 points or 6.18% to 7,945.65.

Earlier, the Nifty raped 8000 for the first time since December 27, 2016.

U.S. stocks deepened liquidation on Wednesday and the Dow Jones wiped out almost the last of its gains since President Donald Trumps' inauguration in 2017, as the growing impact of the coronavirus pandemic threatened to cripple the coronavirus. economic activity.

The S&P 500 benchmark finished 5.2% lower, although it cut losses late in the day as the US Senate passed legislation providing for billions of dollars to limit damage. caused by the epidemic through free coronavirus tests, paid sick leave and increased safety net spending. .

In a move likely to worsen anxiety, Intercontinental Exchange Inc, owner of the New York Stock Exchange, said after the bell that the NYSE will temporarily close its trading rooms and switch entirely to electronic commerce from on Monday.

The NYSE said a ground trader and NYSE employee had tested positive for the coronavirus, but they hadn't entered the stock exchange building. Trading and regulatory oversight of all securities listed on the NYSE will continue without interruption, the exchange said.

As airports and hotels are emptying and airlines are asking staff to take leave without pay to stem the losses, the airlines' S&P 1500 Index fell 20.8% on Wednesday. The shares in the major hotel operators Hilton, Marriott and Hyatt fell from around 12% to 19%.

The markets are really reacting to fear and uncertainty and we don't think about it until we have found a floor on stock prices. Speech must be found to contain the spread of the virus and limit the economic impact of the virus, said Nela Richardson, investment strategist at Edward Jones.

US market update | Stocks plunge deeper on Wall Street as the market prolongs losses; Dow Jones down 1547 points, S&P 500 down 6.4% and Nasdaq down 5.3% pic.twitter.com/Nk8mmicVKo

CNBC-TV18 (@ CNBCTV18Live) March 18, 2020

At the close of Wednesday, the Dow Jones was only 0.4% from what it was on January 20, 2017, the day of the inauguration of Trumps, although ; it remains up almost 9% from Trump's unexpected victory in the presidential election of November 8, 2016, which is often mentioned. like Trump Bump.

The S&P 500 is now down about 29% from the closing record reached on February 19, as the coronavirus-inspired liquidation ended Wall Streets, the longest running bull race ever . In one of the most dire forecasts yet made for the potential risk of the epidemic, a JP Morgan economist said the U.S. economy could fall 4% this quarter and 14% the next quarter, and for the year, it is expected to decline 1.5%.

The Dow Jones Industrial Average fell 1,338.46 points, or 6.3%, to 19,898.92, the S&P 500 lost 131.09 points, or 5.18%, to 2,398.1, and the Nasdaq Composite lost 344.94 points, or 4.7%, to 6,989.84. The dramatic stimulus packages have only provided short-lived rebounds in stocks, with investors taking into account a global recession and worried about the duration of the damage extending up to summer.

On Wednesdays, the sale at one point triggered another 15-minute trading halt with a drop of 7% in another volatile trading day. The Cboe volatility index finished at 76.45. This market has grown from a position where we were fearless in early February to some days like today where you feel hopeless about what is going on in the market, said Wayne Wicker, director of Vantagepoint Investment Advisers investments.

#RUPTURE | The S&P 500 fell 7%, stopping breaker negotiations while the Nasdaq Composite slid 6.3%. Dow Jones loses 1,660 points pic.twitter.com/nr5hyLMYAx CNBC-TV18 (@ CNBCTV18Live) March 18, 2020

The worst performing S&P sector of the day was the S&P 500 energy sector, which closed at its lowest level since early 2003. Futures contracts for US crude fell nearly 17% on Wednesday, after hitting their lowest prices in 18 years.

Concerns about massive default or write-downs put pressure on US lenders, dropping the S&P 500 banking sub-sector by 7.9%.

The shares of the aircraft manufacturer Boeing Co, long a symbol of American technology and industrial power, also lost 17.9%.

Falling issues outnumbered rising issues on the NYSE by a ratio of 12.71 to 1; on the Nasdaq, a ratio of 8.79: 1 favored the decliners.

The S&P 500 posted five new 52-week highs and 294 new lows; Nasdaq Composite recorded 11 new highs and 1,214 new lows.

The volume of American exchanges was 18.51 billion shares, against 14.6 billion on average for the full session of the last 20 trading days.

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