On the backdrop of this infection conundrum that has severely hit global markets, Sensex nosedived 1,448 points today following a manic global selloff as market participants fretted over the impact of the baleful disease.
After slipping over 1,525 points during the day, the 30-share BSE barometer ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29. Following a similar suit, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.
Sectorally, all the indices on the National Stock Exchange ended deep in the red. Nifty IT index tanked to over 5 per cent to 15,274 levels while Nifty Metal index dropped over 7 per cent to 2,233 levels.
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Tech Mahindra was the top laggard in the Sensex pack, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance. According to analysts, markets are increasingly getting worried about the rapid outbreak of Coronavirus across geographies and the consequent economic fallout.
The viral outbreak that began in China has infected more than 83,000 people globally. Further, incessant selling by foreign portfolio investors (FPIs) spooked retail investors, traders said.
As per the provisional data available with stock exchanges, so far this week, Foreign Portfolio Index (FPIs) have offloaded stocks worth Rs 9,389 crore on a net basis. Even in overnight trade on United States' Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day fall in history.
On the currency front, the Indian rupee tumbled 55 paise to 72.16 per US dollar (intra-day). India's Gross Domestic Product (GDP) projection for third quarter of 2020-21 fiscal will be out today.
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Santosh Meena, Senior Analyst, TradingBells told ABP LIVE that it is a brutal fall on Dalal street on the back of mayhem in global markets amid rising worries of Coronavirus.
"It is still difficult to predict the extent and impact of Coronavirus but the equity markets are in critical condition and they are looking for some positive triggers on the front of Coronavirus for any kind of respite. Technically, 11200-11100 is a sacrosanct support area for the Nifty and there is a good chance that Nifty may stabilize here and bounce back towards 11700 level," he said.
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The Coronavirus (COVID-19) outbreak is likely to be declared a pandemic and focus is now shifting from China to South Korea, Iran, Italy and Japan -- where cases are escalating fast, even Germany, Brazil and several others have joined the list, a new report said on Friday.
The World Health Organization (WHO) has said that the Coronavirus outbreak has reached a "decisive point" and has "pandemic potential" as the toll in China, the deadly disease's country of origin, increased to 2,788 on Friday.