Sensex Down 1,600 Points, Nifty Near 9,500 Amid Coronavirus Scare

Sensex Down 1,600 Points, Nifty Near 9,500 Amid Coronavirus Scare

Sensex Down 1,600 Points, Nifty Near 9,500 Amid Coronavirus Scare
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Sensex Down 1,600 Points, Nifty Near 9,500 Amid Coronavirus Scare

Domestic stock markets suffered sharp losses in early trade on Monday tracking global peers which fell even after the US central bank delivered another unscheduled rate cut. The S&P BSE Sensex index plunged as much as 2,182.41 points to hit 31,921.07 in morning deals, and the broader NSE Nifty 50 benchmark dropped to as low as 9,339.25, down 615.95 points from the previous close. A selloff across sectors hurt the markets with financial stocks being the worst hit. Analysts say domestic fundamentals took a back seat as the coronavirus pandemic continued to spook the global markets.

The markets however recovered some of those losses in the first hour of trade. At 10:06 am, the Sensex traded 1,678.57 points - or 4.92 per cent - lower at 32,424.91 while the Nifty was down 4.84 points - or 481.95 per cent - at 9,473.25.

All but one stock in the Nifty basket of 50 shares moved lower at the time. Top percentage laggards were Adani Ports, IndusInd Bank, ICICI Bank, HDFC, UPL and Axis Bank, trading between 7.70 per cent and 10.57 per cent lower.