A surge of coronavirus infections outside mainland China triggered a steep fall in Indian shares, with benchmarks falling over 1.5 percent on Monday.
A surge of coronavirus infections outside mainland China triggered a steep fall in Indian shares, with benchmarks falling over 1.5 percent on Monday. The sentiment declined as it renewed concerns surrounding the impact on the global economy. Investors fled to safe havens such as gold, which hit a seven-year high.
The BSE Sensex ended 807 points lower at 40,363, while the Nifty50 index settled 251 points lower at 11,829. Meanwhile, the broader markets were also in the red with the Nifty Midcap index and Nifty Smallcap index down 1.9 percent each.
Global sentiment also took a beating following reports that South Korea put the country on high alert after the number of infections hit more than 700 and deaths rose to seven. In Italy also the number of cases jumped to above 150 from just three last week.
Back home, all major sectoral indices were negative for the day. Nifty Metal index plunged 5.4 percent, whereas Nifty Auto and Nifty Pharma shed 3.5 percent and 3 percent, respectively. Nifty Bank lost 1.5 percent and Nifty Realty was also down 2 percent. Nifty FMCG was also in the red for the day, down 1.5 percent.
Among stocks, Nifty50 index ended the day with no gainers, while JSW Steel, Tata Steel, Vedanta, Hindalco, and Tata Motors led the losses.
Aurobindo Pharma dived 15 percent after the company said that US FDA inspection at its unit IV was still open and under review and that the 90-day voluntary action initiative letter issued last week was rescinded.
Shares of metal companies were under pressure as concerns over the impact of coronavirus on the global economy renewed following a spike in cases beyond China. JSPL, JSW Steel, SAIL, Tata Steel, and Vedanta fell over 5 percent each for the day.
First Published: IST