Sensex tanks 392 pts as coronavirus rattles global markets

Extending its losses for the fourth straight session, equity benchmark Sensex sank 392 points on Wednesday as fears about the financial strain from the coronavirus outbreak continued to rattle markets globally.

After plunging over 521 points during the day, the 30-share BSE gauge finally settled 392.24 points, or 0.97 per cent, lower at 39,888.96. Similarly, the broader NSE Nifty plummeted 119.40 points or 1.01 per cent to end at 11,678.50.

Sun Pharma was the top loser in the Sensex pack, followed by Maruti, L&T, Hero Motocorp, Infosys, ONGC and RIL. On the other hand, SBI, HUL, HCL Tech, Asian Paints, and Ultratech Cement ended with gains. According to traders, domestic stocks continued to fall tracking global selloff led by concerns over the rapid spread of coronavirus.

With cases being reported in new countries, market participants are growing increasingly fearful about the impact on the global economy, analysts said. Bourses in Shanghai, Tokyo, Seoul and Hong Kong settled with significant losses. Stock exchanges in Europe were trading on a negative note in their morning sessions.

Equities on Wall Street plunged in overnight trade after American health authorities said they ultimately expect the novel coronavirus to spread in the United States. Brent crude oil futures fell 1.77 per cent to USD 53.30 per barrel. On the currency front, the Indian rupee appreciated by 21 paise to 71.64 per US dollar (intra-day).

READ: Sensex Tanks Nearly 400 Pts; Nifty Near 11,700