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.
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