Share markets in India have extended their losses tracking a global sell-off, amid historic drop in oil futures' prices.

US crude oil futures collapsed below US$ 0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus US$ 37.63 a barrel as desperate traders paid to get rid of oil.

Barring healthcare stocks, all sectoral indices are trading on a negative note with stocks in the metal sector, auto sector and banking sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 889 points (down 2.8%), while the NSE Nifty is trading down by 246 points (down 2.7%).

Both, the BSE Mid Cap index and the BSE Small Cap index are trading down by 2.5%.

The rupee is currently trading at 76.67 against the US$.

In a recent article titled The Sharp Fall in Indian Rupee: 6 Points to Know, we dive deeper and look at the factors behind rupee's depreciation.

Gold prices are currently trading up by 0.6% at Rs 45,972 per 10 grams.

The coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets.

In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

In news from the IT sector, Infosys on Monday reported a 6.1% year-on-year (YoY) rise in its consolidated profit for the March quarter at Rs 43.2 billion compared with Rs 40.7 billion in the same quarter last year.

Revenue for the quarter rose 8% to Rs 232.7 billion. In dollar terms, revenue increased 4.5% to US$ 3,197 million.

The IT major's operating profit margin came at 21.2% in Q4FY20 against 21.4% in Q4FY19.

In an exchange filing, the company said that considering business uncertainty emanating from Covid-19, it is unable to provide guidance on revenues and margins for FY21 at this stage. It will provide guidance after visibility improves.

The company also announced a final dividend of Rs 9.50 per share.

Moreover, the IT major also announced the appointment of Uri Levine as an independent director of the company with effect from April 20. The appointment is for a period of three years and is subject to the approval of shareholders.

Infosys share price is presently trading down by 2%.

In other news, shares of IT companies are under pressure today after US President Donald Trump announced a temporary suspension of immigration into the country.

In a Twitter post, the US President wrote that "In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!"

Shares of Tata Consultancy Services (TCS), Tech Mahindra, Wipro, HCL Technologies, Hexaware Technologies, NIIT Technologies and Mindtree are presently trading down in the range of 2-5%.

Moving on to news from the pharma sector, Aurobindo Pharma share price is in focus today.

Stock of the company surged 15% today, in an otherwise weak market, after the US drug regulator classified the company's Unit IV of Hyderabad plant as VAI.

In an exchange filing, the company said that "with regard to the inspection of Unit IV, an injectable manufacturing formulation facility of the Company, conducted between November 4 and November 13, 2019, we would like to inform that United States Food and Drug Administration (USFDA) has determined that the inspection classification of this facility is Voluntary Action Indicated (VAI)"

Reportedly, the facility contributes more than 10% to Aurobindo's overall sales and about 20% of the US sales.

Meanwhile, shares of Morepen Labs surged over 8% today after the company received license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller, for its Baddi plant in Himachal Pradesh.

The company is also working to commercialize the production of HCQ in both API as well as tablets form.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. The Indian rupee touched a new record low of Rs 76.87 against the US dollar last week. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

The world needs affordable medicines in large quantities. Very few can supply them in the quantity and cost that Indian drug makers can. Yet, most Indian pharma stocks are trading at historically low valuations.