Coronavirus outbreak hits market, global sell-off

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Mumbai: A continued rise in new coronavirus cases in India affected the Dalal Street as benchmark indices tumbled in opening trade on Monday while safe haven counters gained.

The market benchmark Sensex on Monday slipped over 1,900 points while Nifty shed over 400 points in the opening session. The Sensex opened at 32,105.19 while the Nifty opened at 9,455.60 points. The Indian rupee also opened lower at 74.11 against US dollar versus Friday’s close of 73.91

The major losers in the indices were HDFC, ICICI Bank, SBI, Sun Pharma, JSPL, Max Financial, and DLF while the major gainer was Yes Bank.

Markets in Asia fell amid coronavirus fear in the region. Hong Kong’s Hang Seng index declined about 2 per cent while shares in South Korea and China slipped less than 1 per cent. Shares in Australia dropped 4.3 per cent.

US stock futures plunged 4.8 per cent to hit their down limit before daybreak in Singapore. The dollar sank more than 2 per cent against the yen.

Australia’s benchmark stock index fell 7 per cent in the first quarter-hour of the trade before paring some of the losses. U.S. crude fell 5 per cent to under $30 per barrel.

New Zealand shares were down 3 per cent. Japan’s Nikkei was up 0.1 per cent after a more than 6 per cent decline on Friday to the lowest since late 2016. South Korea’s KOSPI was a shade weaker.

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