At 11:34 IST, the barometer index, the S&P BSE Sensex, was down 1723.22 points or 5.05% at 32,380.26. The Nifty 50 index was down 477.75 points or 4.8% at 9,477.45.
The broader market traded with steep losses. The S&P BSE Mid-Cap index tumbled 3.27% while the S&P BSE Small-Cap index slumped 3.83%.
The market breadth was weak. On the BSE, 504 shares rose and 1,597 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 5 stocks advanced while 45 stocks declined.
Buzzing Index:
The Nifty Pharma index bucked trend and was up 1.15% to 7,351.35, extending its winning run to second day. The index has gained 5.89% in two trading sessions from its previous closing low of 6942.55 posted on 12 March 2020.
Glenmark Pharmaceuticals (up 11.74%), Aurobindo Pharmaceuticals (up 3.32%), Lupin (up 2.67%), Dr. Reddy's Laboratories (up 2.25%), Cadila Healthcare (up 2.09%), Sun Pharmaceuticals (up 1.16%) and Divi's Laboratories (up 0.11%) were top gainers in pharmaceutical space.
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Alembic Pharmaceuticals fell 3.54% to Rs 554.65 after the USFDA issued a Form 483 with four procedural observations post inspection at its Panelav-based facility. The inspection was conducted at Alembic Pharmaceuticals General Oral Solid Formulation Facility from 9 to 13 March 2020. The company assured that will provide comprehensive corrective action report to address each observation.
Stocks in Spotlight:
Wipro dropped 2.23%. The IT major announced its global strategic partnership with PLEXIS Healthcare Systems. This partnership will enable a streamlined, efficient, accurate and integrated plan administration solution to support healthcare payers and plan sponsors worldwide.
Global Markets:
Asian markets tumbled as the US Federal Reserve slashed its benchmark interest rate to zero and launched a massive quantitative easing program in an emergency move on Sunday.
Following the Fed decision, US index futures fell sharply. Futures on the Dow Jones Industrial Average were down over 1000 points, implying a steep slide in the US market on Monday.
Meanwhile, China has unveiled a rash of horrific data, further hammering sentiment across Asia. China's fixed asset investments in the January February period contracted 24.5%. The country's industrial output in the first two months of the year dropped 13.5%, and retail sales plunged 20.5%.
The Bank of Japan called an emergency meeting on Monday (16 March) to discuss steps to stabilise markets, hours after unscheduled rate cuts by US and New Zealand central banks, as policymakers ramp up efforts to combat the widening fallout of the coronavirus.
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