Sensex tumbles 458 pts, Nifty below 12,150, factors behind market pain.
The domestic stock market tumbled on Monday weighed down by weakness in global equities, as rising concerns over fast-spreading coronavirus dampened demand for riskier assets. Investors on Dalal Street also chose to stay on the sidelines ahead of Union Budget 2020.BSE benchmark Sensex fell 1.10 pe cent or 458.07 points to 41,155.12, while Nifty ended at 12,119.00, down 129.25 points or 1.06 per cent.
Flight to safety: Risk was off the table as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak, and demand rose for safe haven assets.
Global markets: The large-scale risk aversion sent markets across the globe lower. Japan's Nikkei average slid 2 per cent, logging its biggest one-day fall in five months. The US S&P 500 mini futures were last down 1 per cent, having fallen 1.3 per cent in early Asian
Market at a glance
Market breadth was negative with three shares declining for every two that advanced.
BSE Healthcare was the only sectoral index to close in the green, as it advanced 1.43 per cent. Wockhardt Pharma rallied 18.01 per cent, as the company reported quarterly profit for the first time in three years.
As many as 21 out of 30 Sensex stocks closed lower. Tata Steel and IndusInd Bank were the top losers, as they slumped 4.31 per cent and 3.37 per cent respectively. Ahead of December quarter earnings, Maruti Suzuki edged 0.24 per cent higher.
Anil Ambani-led companies logged declines. Reliance Home Finance, Reliance Power, Reliance Capital and Reliance Infrastructure dropped 4.68 per cent, 4.83 per cent, 4.99 per cent and 4.78 per cent respectively.
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