Indian equities were trading with over a % cut, in line with their Asian peers, on Monday as the spread of coronavirus outside China frightened global markets. The virus, that has killed 2,442 people in China, has spread to 28 other countries and territories, with a death toll of around 2 dozen.
The S&P BSE Sensex was down 484 points, or 1.18%, at 40,680 levels. Tata Steel (down 4%), HDFC, ICICI Bank, and Axis Bank (all down over 2%) were the top laggers in the Sensex pack. On the other hand, tech stocks – Infosys, Tech Mahindra, and TCS — were the top gainers on account of the weaker Rupee.
The broader Nifty50 index gave up the psychological level of 12,000 and slid to 11,930-mark, down 148 points or 1.1%. All the Nifty sectoral indices, except the Nifty IT index, were in the red. Nifty Metal index, down 3%, suffer the most.
In the broader market, the S&P BSE MidCap index slide 127 points or 0.8%, and the S&P BSE SmallCap index was down 106 points, or 0.72%.
Metal shares tumble as coronavirus cases jump in South Korea, Italy
Shares of metal companies were under pressure on Monday with the Nifty Metal index falling more than 3% on Monday as international concern about the spread of coronavirus outside China grew. The Nifty Metal index – the top loser among sectoral indices – was down 3.1% at 2,531 points, as compared to the 1.1% decline in the benchmark Nifty50 index.
Aurobindo Pharma slips 17% as USFDA revokes VAI status for Unit-IV
Shares of Aurobindo Pharma slipped 17% at Rs 498 on the BSE on Monday after a surprise development, the US drug regulator FDA revoked the ‘Voluntary Action Initiated’ status issued to company’s plant in Hyderabad, days after indicating it might not pursue further regulatory action.