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Indian benchmark indices slipped nearly 6 per cent, dragged down by bank stocks, on Monday as sell-off resumed after a day's halt.
The uncertainity regarding the effect of the coronavirus epidemic continued to keep investors cautious even though the US Federal Reserve cut interest rates to near-zero on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating global coronavirus pandemic. READ MORE
The S&P BSE Sensex was down 2,025 points, or 5.94 per cent, at 32,200 levels. Index-heavyweight HDFC slipped over 7 per cent after leading Friday's rebound rally. State Bank of India was also down over 6 per cent after Friday's 13 per cent up move. IndusInd Bank was down over 8 per cent.
Meanwhile, YES Bank surged over 30 per cent to as much as 35.70 per cent in a weak market despite reporting a net loss of Rs 18,564.24 crore for the Q3FY20 quarter.
The broader Nifty50 index hovered around 9,450 levels, down 490 points, or 4.9 per cent. All the Nifty sectoral indices were trading in the red with Nifty Bank, Nifty Private Bank, and Nifty PSU Bank indexes (all down over 5?ch) taking the deepest cuts.
In the broader market, the S&P BSE MidCap index was down 558 points, or 4.4 per cent, and the S&P SmallCap dipped 610 points, or 5.19 per cent.