Sensex sheds 162 points to close at 40,979.62, Nifty down 67 points; M&M, Tata Steel, ONGC among top losers
Market benchmark Sensex closed 162 points lower on Monday due to heavy sell-offs mainly in auto and metal stocks as investors continued to gauge the severity of coronavirus outbreak and its economic impact
The 30-share BSE Sensex settled 162.23 points, or 0.39 percent, down at 40,979.62
It hit an intra-day low of 40,798.98
Similarly, the broader NSE Nifty slipped 66.85 points, or 0.55 percent, to 12,031.50
Mumbai: Indian equities fell for the second straight session on Monday in line with global markets that continued to reel under mounting death toll and economic damage from the deadly coronavirus .
At close, the BSE Sensex was down 162.23 points, or 0.39 percent, at 40,979.62. The index swung about 373 points during the day.
Likewise, the NSE gauge Nifty ended lower by 66.85 points, or 0.55 percent, to 12,031.50.
#MarketAtClose | #Market closes lower but off lows, #Nifty holds 12,000. Reliance Ind helps market recover in the last hour, stock up 2% from lows. #Sensex gains 181 points from lows to end the session at 40,979 pic.twitter.com/QIg9BbJney
— CNBC-TV18 (@CNBCTV18Live) February 10, 2020
Indices were mainly dragged lower by heavy losses in auto and metal stocks.
On the Sensex chart, Mahindra and Mahindra crashed over 7 percent, followed by other major laggards including Tata Steel (5.80 percent), ONGC (2.84 percent), Sun Pharma (2.39 percent) and Hero Motocorp (2.34 percent).
In contrast, Bajaj Finance, TCS, Kotak Bank, Asian Paints, HDFC, HUL and Reliance Industries closed with gains.
Sectorally, among the top losers were metal (3.14 percent) and auto (2.37 percent) indices. Power and consumer durables too fell 1.66 percent and 1.64 percent, respectively.
Auto stocks were down after industry body SIAM data showed that domestic passenger vehicle sales declined 6.2 percent in January. While metal shares bore the brunt of growing concerns over the rising cases of coronavirus .
The industry body said that the Indian auto sector is apprehensive about coronavirus outbreak disrupting component supplies from China, but a clear picture will emerge only in the next few days after factories in the country reopen.
According to various reports, coronavirus has killed more than 900 people and infected over 40,000 across mainland China.
Market mood remained jittery amid rising apprehension about economic fallout due to Chinese coronavirus globally as the increase in casualty figures surpassing SARS outbreak has raised alarm bells about its severity, Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said.
Bourses in Hong Kong, Tokyo and Seoul settled in the red, while those in Shanghai ended higher.
Stock exchanges in Europe also opened on a negative note.
Meanwhile, Brent crude oil futures slipped 0.44 percent to $54.23 per barrel.
On the currency front, the Indian rupee appreciated by 14 paise to 71.30 per US dollar, according to provisional data.
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Axis Bank was the top gainer in the Sensex pack, rising around 2%, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement
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All the shares in the BSE Sensex closed in red on Friday with ONGC being the top loser, shedding 6.6 percent, followed by Mahindra & Mahindra, Bajaj Finserv, and Axis Bank
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