Home >Markets >Stock Markets >Coronavirus grips markets, Sensex tanks over 1,000 points, Nifty below 11,300
Sensex crashed nearly 1,200 points to 38,551.54, extending the selloff to the sixth day. Photo: Aniruddha chowdhury/Mint
Sensex crashed nearly 1,200 points to 38,551.54, extending the selloff to the sixth day. Photo: Aniruddha chowdhury/Mint

Coronavirus grips markets, Sensex tanks over 1,000 points, Nifty below 11,300

  • BSE MidCap and BSE Smallcap were down 3% each
  • All sectoral indices were in red with Nifty Metal being the biggest laggard

MUMBAI : Indian benchmark equity indices on Thursday crashed by more than 3%, tracking the global selloff as coronavirus spread to more countries. The deadly flu, which struck China in December, has now spread to the US, raising fears of the outbreak turning into a pandemic and adversely impacting global growth.

Nifty tumbled 364 points to touch a low of 11,269.80, while the Sensex crashed nearly 1,200 points to 38,551.54, extending the selloff to the sixth day and wiping out investor wealth of about 5 lakh crore in minutes. In the past five sessions, the Sensex has plunged over 1,550 points amid a global rout.

BSE MidCap and BSE Smallcap were down 3% each.

All the sectoral indices were in red with Nifty Metal down 5.4%, being the biggest laggard, followed by Nifty Media, down 4.6% and Nifty PSU Bank, down 3.8%.

India VIX or fear gauge was up a sharp 19% at 21.18 points indicative of deepening investor concerns.

Asian peers were also trading lower with Japan's Nikkei down 4.13%, China's Shanghai Composite 3.37% and Hong Kong's Hang Seng 2.5% down.

Data showed coronavirus has infected more than 83,000 people globally. Mainland China has seen 2,788 deaths among 78,824 cases, mostly in the central province of Hubei. South Korea has reported 256 new coronavirus cases on Friday, taking its total the highest in the world outside China to 2,022. Italy and Iran are the two other countries outside China that are among the worst affected.

The coronavirus threat looms large over India’s growth, which economists in a Bloomberg survey forecast expanded 4.7% in the three months through December from a year earlier. The data is due after Friday’s market close.

Oil markets tumbled with Brent Crude slipping 2.24% to $51.01 a barrel, its biggest weekly loss since 2011 as the COVID-19 roiled global markets, intensifying speculation that OPEC and its allies will strike a deal to support prices.. The rupee also weakened 0.52% to 71.93 a dollar.

From the beginning of the year, Foreign Institutional Investors (FIIs) have purchased equities worth $ 2.68 billion on a net basis, and Domestic Institutional Investors are net buyers of shares worth 11561.42 crore.

In the overnight trade, Dow Jones posted its largest-ever points drop. The Dow Jones fell 1,190.95 points, or 4.4%, to 25,766.64.

The S&P500 index lost 137.63 points, or 4.4%, to 2,978.76 and the Nasdaq Composite dropped 414.30 points, or 4.6%`, to 8,566.48.

Bloomberg contributed to the story

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