Sensex crashes 807 points, Nifty settles below 11,850 on fresh coronavirus fears

By: Express Web Desk | New Delhi | Updated: February 24, 2020 4:11:37 pm

An electronic screen and a digital ticker board are seen at the BSE building in Mumbai, India, on Monday, Feb. 3, 2020. (Image: Bloomberg)

The benchmark equity market indices on the BSE and National Stock Exchange (NSE) cracked around 2 per cent on Monday, tracking weakness from their Asian peers which fell due to fresh global concerns following a rise in coronavirus cases outside China.

The S&P BSE Sensex crashed 806.89 points (1.96 per cent) from its previous close on Thursday to settle at 40,363.23, while the NSE’s Nifty 50 fell 251.45 points (2.08 per cent) to end the day at 11,829.40, in the process it fell below the 12,000-mark. Friday, the stock markets were shut on account of Mahashivratri.

The global market sentiment got affected following reports that South Korea put itself on high alert after the number of infections hit more than 700 and deaths rose to seven. In Italy, officials said the number of cases jumped to above 150 from just three last week.

All the sectoral indices on the NSE ended in a sea of red on Monday, with the Nifty Metal index crashing 5.36 per cent weighed by Jindal Steel & Power, Vedanta and Tata Steel. It was followed by the Nifty Auto index which fell 3.51 per cent driven by Motherson Sumi Systems, Tata Motors and Maruti Suzuki India.

The broader market index on NSE, the Nifty 500 index fell 1.95 per cent on Monday. On the BSE, the S&P BSE MidCap ended at 15,444.08, down 250.33 points (1.60 per cent), while the S&P BSE SmallCap settled at 14,513.15, down 233.37 points (1.58 per cent).

“Indian indices took a severe beating today on the back of weak global cues accentuated by Corona Virus. Pivotals like RIL, HDFC and the entire metal sector bore the brunt of selling as the market undertone remained weak since opening and in fact, profit booking accelerated post opening of the European Markets,” S Ranganathan, Head of Research at LKP Securities wrote in a post-market comment.

(with Reuters inputs)

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