Coronavirus hits Indian stock markets: Sensex loses 1941 pts; most in one day for 10 years

Update at 4:00 PM: 

Sensex closed down by 1,941.67 points or 5.17% at 35634.95, while Nifty was down 538.00 points or 4.90% at 10451.50, as per reports.

In a massive development, amid increase in cases of Coronavirus in country, domestic stock markets on Monday fell to a 10-year single day low by more than 6%. Analysts state that amid severity of coronavirus going pandemic, BSE Sensex index plummeted as much as 2,366.26 points to hit 35,210.36 during session. Meanwhile, NSE Nifty index slumped to as low as 10,327.05, down 662.4 points from previous close.

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Sensex hits 10-year low amid Coronavirus outbreak

Since outbreak of Coronavirus in Chinese province of Wuhan, global markets have been severely hit with standstill in trade.  Analysts have stated that re is heightened volatility in global markets amid concerns over rapidly-spreading coronavirus and sinking crude prices with m intending to sell-off. Several core sectors like led by financial, metal and energy stocks have been hit particularly - Reliance Industries shares have slumped by 11% - its worst single-day fall in at least 10 years.

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Why are markets falling - hit by Coronavirus?

As per latest Indian figures, number of cases have risen to 43 as four new cases emerged from Kerala, Delhi, Uttar Pradesh, and Jammu. 43 that have been tested for vel Coronavirus have been found positive from 3,003 samples that were tested in country. Out of se 40 are active cases, initial three which were reported from Kerala have been treated and discharged.

fear of virus has disrupted business supply chains, while number of positive cases has hit 107,000 across world. Last week Moody’s estimated that coronavirus has increased risk of a global recession as advanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle virus. Analysts have said that as China is largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' trade have been brought to a standstill due to China closing off its borders.

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Or factors that have affected markets in India are fall in crude oil prices as even domestic crude prices have fallen down from $64/barrel in January to $55/barrel in February, as per reports. Oil prices have reportedly slumped lowest since 1991 after Saudi Arabia slashed its prices in an alleged price war with Russia. or factor which has panicked investors is Yes Bank moratorium, in spite of company's shares picking up after SBI stepped in to buy 49% of stake in company along with a consortium of or investors. 

India's Coronavirus count rises to 43; Read basic protective measures here

Coronavirus India Live Updates: India's total reaches 43 as four new cases emerge