Sensex plummets 458 points as China virus fears grip markets globally, Nifty down 129 points; Tata Steel, IndusInd Bank among top losers

Benchmark Sensex plunged over 458 points on Monday following intense selloffs in many overseas markets amid fears over the global economic impact of China's deadly coronavirus

Press Trust of India January 27, 2020 16:20:20 IST
Sensex plummets 458 points as China virus fears grip markets globally, Nifty down 129 points; Tata Steel, IndusInd Bank among top losers
  • After tumbling nearly 500 points during the day, the 30-share BSE index settled 458.07 points, or 1.10 percent, lower at 41,155.12

  • Likewise, the broader NSE Nifty closed 129.25 points, or 1.06 percent, down at 12,119

  • Tata Steel was the top loser in the Sensex pack, diving 4.31 percent, followed by IndusInd Bank, HDFC twins, SBI, PowerGrid and Bharti Airtel

Mumbai: Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China.

At close, the BSE gauge Sensex was 458.07 points, or 1.10 percent, down at 41,155.12. Intra-day, the index cracked nearly 500 points.

Likewise, the broader NSE Nifty ended 129.25 points, or 1.06 percent, down at 12,119.

On the Sensex chart, Tata Steel was the top loser, dropping 4.31 percent, followed by IndusInd Bank, HDFC Bank, SBI, PowerGrid and HDFC.

Of the Sensex constituents, 21 ended in the red and 9 in the green.

In contrast, M&M, UltraTech Cement, Tech Mahindra, ICICI Bank and Axis Bank rose up to 1.63 percent.

Sectorally, BSE metal index crashed 3.25 percent, followed by telecom, power, finance, bankex and FMCG indices.

On the other hand, the healthcare index emerged as the sole gainer.

Broader BSE midcap slipped 0.40 percent, while smallcap index closed marginally higher.

Sensex plummets 458 points as China virus fears grip markets globally Nifty down 129 points Tata Steel IndusInd Bank among top losers

Representational image. Reuters.

On the currency front, the Indian rupee depreciated by 11 paise to 71.44 per US dollar.

Global crude oil benchmark Brent crude futures dropped 3.24 percent to $57.95 per barrel.

Sending shockwaves across the globe, the deadly coronavirus virus, which causes pneumonia-like illness, has already killed 80 people and infected more than 2,700 others in China.

Financial markets across the world are increasingly turning volatile on concerns over the global economic impact of the virus, analysts said.

Many financial markets were closed in Asia for Lunar New Year holidays.

Japan's Nikkei sank over 2 percent. Stock exchanges in Europe too opened significantly lower.

S Ranganathan, Head of Research at LKP Securities, said, " Coronavirus outbreak in China took a toll on Indian Equities as well today as financials and metals bore the brunt of the selling. Except for select pharmaceutical stocks which held the fort and gained the broader markets traded weak."

Indian markets opened in red following subdued global peers as negative news of virus outbreak continued to worry markets globally amid holiday season in China.

During the afternoon session, the selling further intensified primarily in large-cap segment as sentiments remained muted on back of news that India's corporate and income tax collection for the current year is likely to fall for the first time amid a sharp fall in economic growth and cut in corporate tax rates, Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said.

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