MARKET WRAP: Stocks roiled on coronavirus fears, Sensex plunges 807 pts

All that happened in markets today

Fears that the coronavirus outbreak in China will grow into a pandemic with disruptive and deadly consequences for countries across the globe spooked equity market on Monday. The virus, that has killed 2,442 people in China, has spread to 28 other countries and territories, with a death toll of around two dozen.

As a result, the S&P BSE Sensex plunged 807 points or nearly 2 per cent to settle at 40,363 with alll the 30 components of the index ending in the red. Tata Steel (down over 6 per cent) bled the most, followed by ONGC (down nearly 5 per cent) and Maruti (down over 4 per cent).

On the NSE, the benchmark Nifty lost 251 points or over 2 per cent to end the session at 11,829 levels. 

Volatility index India VIX jumped 26 per cent to 17.21 levels.

Among sectoral indices, Nifty Metal cracked the most - over 5 per cent to 2,472. Pharma and PSU banks were next on the list. 

In the broader market, Nifty Midcap 100 ended at 17,764, down 346 points or around 2 per cent and the Nifty SmallCap 100 index skid around 2 per cent to 6,044.

GLOBAL MARKETS

Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. 

US stock futures were dumped with E-minis for the S&P500 falling 1.4 per cent while Nikkei futures stumbled 2.7 per cent. EuroStoxx 50 futures declined about 2 per cent while futures for London’s FTSE skidded 1.3 per cent. Asian share indexes were also a sea of red.

In commodities, oil prices tumbled by more than 3 per cent. 

(With inputs from Reuters)

4:04 PM

MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services

Demand for safe-haven assets spiked as fresh coronavirus cases in South Korea and Italy indicated that business impact could be higher than thought earlier. The Trump-Modi meet is not providing clues to the market regarding trade deal but market is hoping for some hint in the future. 

3:43 PM

SECTOR WATCH | Sectoral performance on the NSE

3:42 PM

MARKET AT CLOSE | All 30 constituents of S&P BSE Sensex end in the red

3:38 PM

CLOSING BELL

The S&P BSE Sensex lost 807 points or 2 per cent to end at 40,363 while NSE's Nifty50 ended at 11,839, down 242 points or 2 per cent. 

3:23 PM

Sobha nears 3-year low after ICRA revises outlook from stable to negative

The stock was trading lower for the fifth straight day. In the past one month, Sobha has underperformed the market by falling 27 per cent, as compared to 1 per cent decline in the S&P BSE Sensex. The stock was quoting lowest level since March 21, 2017. “The real estate division reported higher outflows in relation to the collections from customers due to the finishing costs in recently completed projects, higher outflows towards construction of land-owner share of built-up area in a project, and lower-than anticipated collections from certain newly-launched projects,” ICRA said in a rating rationale. READ MORE  

3:02 PM

NEWS ALERT | Market at over 2-week low

3:01 PM

SECTOR WATCH:: Nifty Bank index tanks over 1%

2:54 PM

Market check

>> Sensex tanks 700 points, or 1.72 per cent, at 40,463.58

>> Nifty50 at 11,868, down 212 points or 1.76 per cent.

2:46 PM

Heatmap: S&P BSE Sensex

2:44 PM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
BASF INDIA	838.20	829.00	0.07
CANARA BANK	167.50	167.45	-3.04
FUTURE CONSUMER	18.90	18.85	-8.70
FUTURE LIFESTYLE	375.30	364.00	-1.38
GAYATRI PROJECTS	24.05	24.05	-4.94

2:43 PM

India VIX surges 21%

2:32 PM

Market check | Free fall in markets

2:32 PM

Market check

2:29 PM

Global Markets check

Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East.

US stock futures were dumped with E-minis for the S&P500 falling 1.4 per cent while Nikkei futures stumbled 2.7 per cent. EuroStoxx 50 futures declined about 2 per cent while futures for London’s FTSE skidded 1.3 per cent.

 

Asian share indexes were also a sea of red. Australia's benchmark index slid 2.3 per cent while New Zealand was about 1.8 per cent lower. South Korea's KOSPI index fell about 3.4 per cent. Chinese shares opened down with the blue-chip CSI300 index easing 0.5 per cent.

 

That left MSCI’s broadest index of Asia-Pacific shares outside Japan off 1.9 per cent at its lowest since early February. Japanese markets were closed for a public holiday.

In commodities, oil prices slid as investors fretted about crude demand being pinched by the impact of the coronavirus outbreak, while leading producers appeared to be in no rush to curb output. Brent crude slumped 2.4 per cent, or $1.4, to $57.09 a barrel.

2:23 PM

Market check