Sensex loses over 1600 points, Nifty plunges by 4.5% as markets react to Coronavirus panic

Equity indices sedived by nearly 4.5 percent during opening on Monday responding to panic around Coronavirus epidemic which crossed over 100 cases in country on Sunday. This follows soon after US Federal Reserve cut interest rates to near-zero a day earlier to help shore up US' tanking ecomy.

 BSE S&P Sensex plunged by 1,575 points which is nearly 4.62 percent to 32,529 while Nifty 50 cracked by 449 points or 4.51 percent to 9,506. A few days ago Sensex and Nifty had plunged to a three-year low and trading had to be halted for 45 minutes after lower-circuit limit was breached. 

Read: Coronavirus Hits Indian Stock Markets: Sensex Loses 1941 Pts; Most In One Day For 10 Years

All sectoral indices at National Stock Exchange were in red with Nifty private bank and financial service down by 7 percent each, realty by 6.7 percent, metal by 5.9 percent, and IT by 4.9 percent.

Read: Sensex And Nifty Plunge As Markets Open At A 3-year Low, Trading Halted For 45 Minutes

Effect on top companies

Amongst stocks of top companies, IndusInd Bank dropped by a drastic 11 percent at Rs 714 per share. ICICI Bank lost by 8.4 per cent and Axis Bank by 8 per cent while HDFC and Bajaj Finance dipped by 8.3 per cent and 7.4 per cent respectively.  or prominent losers were Adani Ports, Titan, Vedanta, UPL and Tata Steel. Ironically, however, re was one company that recorded a strong and steady gain amidst bloodbath and that was Yes Bank which surged by 48.14 percent to Rs 37.85 per share despite reporting a net loss of Rs 18,564 crore for Q3 FY20 quarter.

Read: Sensex Crashes 2,919 Points As Corona Contagion Triggers Global Rout; Investors Lose Rs 11 Lakh Cr

High volatility in global markets 

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. 

As per latest figures, at least 110 confirmed cases of COVID19 have been reported pan-India.  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.

Read: Stock Markets sedive Amid Coronavirus; Sensex Sheds 2400 Points; Nifty Below 9800

(With ncy Inputs)