Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Market benchmark Sensex plummeted over 360 points during intraday trade on Monday tracking intense selloff in global equities amid rising concerns over the Chinese coronavirus epidemic.
After sinking 497 points in opening session, the 30-share barometer was trading 361.03 points at 40,809.09 at 12.20 p.m.
Similarly, the NSE Nifty was trading down by 113.80 points at 11,967.55.
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Tata Steel was the top loser in the Sensex pack, cracking over 3 per cent, followed by Maruti Suzuki, ONGC, Tata Motors, and HDFC.
On the other hand, Infosys, Tech Mahindra, TCS, Sun Pharma and HUL were trading with gains.
In the previous session on Thursday, the Sensex settled 152.88 points, or 0.37 per cent, lower at 41,170.12, and Nifty slipped 45.05 points, or 0.37 per cent, to 12,080.85.
Financial markets remained closed on Friday on account of ‘Mahashivratri’.
According to traders, spike in coronavirus cases outside China has spooked global investors.
South Korea went on high alert Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps.
Further, IMF also warned that the deadly epidemic could put an already fragile global economic recovery at risk.
Chinese President Xi Jinping on Sunday said the coronavirus epidemic is the country’s “largest public health emergency”. The death toll from the deadly virus climbed to 2,592 on Monday.
Bourses in Seoul plunged over 3 per cent after South Korea reported 161 more coronavirus cases Monday, taking the nationwide total to 763 and making it the world’s largest total outside China.
Stock exchanges in Shanghai, Hong Kong and Tokyo were also trading significantly lower.
Brent crude oil futures fell 2.52 per cent to USD 56.48 per barrel.
The rupee depreciated 19 paise to 71.83 against the US dollar in morning session.
On the domestic front, traders said investors are likely to take cues from US President Donald Trump’s two-day visit to India. He will reach Ahmedabad later in the day.
(With input from agencies)
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