Equity benchmark Sensex tanked over 1,500 points in opening session on Monday because of global panic selling amid rapidly-spreading coronavirus and the oil prices plunging after Saudi Arabia made deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets.

Asian stock market too took a nosedive today, amid panic selling by traders.

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Global oil benchmark Brent crude futures plunged nearly 30 per cent to USD 32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.

Last session saw the 30-share BSE barometer going down by 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

Sensex sank 1,129.65 pts to 36,446.97 in opening session while Nifty plunges 318.95 points to 10,670.50.

According to the data available with stock exchanges, on a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday.

ONGC was biggest looser in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra. Sun Pharma was the sole gainer.

According to traders, investor sentiment took fresh beating as oil prices plunged nearly 30 per cent, adding to the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus.

Incessant foreign fund outflow also spooked market participants, traders said.

The rupee, meanwhile, was trading flat at 73.89 against the US dollar in morning session.

Meanwhile, the YES Bank crisis has raise concerns over the stability of the country’s banking system, adding to the woes of domestic investors, according to traders.

The Japanese market tanked by mid-morning with the benchmark Nikkei 225 index falling 5.10 per cent or 1,058.06 points to 19,691.6. The broader index Topix fell down by 5.01 per cent or 73.69 points to 1,397.77. Tokyo cracked up to 5.65 per cent while Seoul fell by 3.89 per cent.

Meanwhile, Hong Kong stocks dived down by 3.8 per cent to open with. Australia’s market fell off by around five per cent.

New Zealand and South Korea’s equity market were slightly better off by going down just under three per cent.

While the Asian giant China already facing the brunt of coronavirus also saw a fall in the benchmark Shanghai Composite Index with a dive of 2.41 per cent.

The benchmark Philippine stock exchange index also suffered a drop of nearly four per cent.

Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by USD 4-6 a barrel to Asia and USD 7 to the United States, with Aramco selling its Arabian Light at an unprecedented USD 10.25 a barrel less than Brent to Europe, reports said.

(With PTI inputs)