Sensex Down 2,700 Points, Nifty Below 9,200 As Virus Fear Rattles Markets

Sensex Down 2,700 Points, Nifty Below 9,200 As Virus Fear Rattles Markets

Sensex Down 2,700 Points, Nifty Below 9,200 As Virus Fear Rattles Markets

Sensex Down 2,700 Points, Nifty Below 9,200 As Virus Fear Rattles Markets

Domestic stock markets took yet another hit on Monday amid a global selloff as investors worried about the fast-spreading coronavirus pandemic, even after the US central bank delivered another surprise rate cut to shield the world's largest economy from the outbreak. The S&P BSE Sensex index plunged as much as 2,790 points to hit 31,310 during the session, and the broader NSE Nifty 50 benchmark dropped to as low as 9169, down 656.3 points from the previous close. A selloff across sectors hurt the markets, with financial and metal stocks being the worst hit. Analysts say domestic fundamentals took a back seat as the coronavirus pandemic continued to spook the global markets.

At 3:01 pm, the Sensex traded 2,683.50 points - or 7.85 per cent - lower at 31,427.18, while the Nifty was down 748 points - or 7.50 per cent - at 9,202.20.

All stocks but one in the Nifty basket of 50 shares moved lower at the time. Top percentage laggards were IndusInd Bank, JSW Steel, Adani Ports, Axis Bank, ICICI Bank, Zee Entertainment and Vedanta, trading between 9.82 per cent and 17.72 per cent lower.