Amid the Coronavirus fear in theworld, domestic markets suffered sharp losses in the early hours of trade. The stock fell nearly 3 per cent, tracking a sell off in flobal market.
The S&P BSE Sensex index plummeted as much as 1,372.52 points to hit 36,154.11 on the downside in the first few minutes of trade, and the broader NSE Nifty benchmark slumped to as low as 10,598.00, down 391.45 points from the previous close. A selloff across sectors – led by financial, metal, energy and IT stocks – weighed on the markets.
Reliance Industries, HDFC Bank and TCS were the top drags on Sensex, together accounting for a loss of 450 points in the index.
Equity markets across Asia sank in a sea of red with MSCI’s broadest index of Asia-Pacific shares outside Japan plummeting 3.0 per cent to a five-month low, Japan’s Nikkei falling 4.7 per cent and Australia’s commodity-heavy market down 5 per cent.
Crude oil fell by the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.
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