Sensex Crashes 807 Points On Coronavirus Fears; Metal And Automobile Stocks Fall

Indian share markets fell sharply today, tracking a global sell-off as coronavirus cases spiked outside China.

All sectoral indices ended on a negative note, with stocks in the metal sector, automobile sector and telecom sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 807 points (down 2%) and the NSE Nifty closed down by 242 points (down 2%).

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.6%.

Asian stock markets finished on a negative note as investors fret over the spread of coronavirus around the world. During the weekend, South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven.

In China, the virus has killed over 2,400 and reported 76,936 cases and slammed the brakes on the world's second-largest economy.

As of the most recent closing prices, the Hang Seng was down by 1.8% and the Nikkei stood lower by 0.4%.

The rupee is trading at 71.86 against the US$.

US President Donald Trump arrived in Ahmedabad today for the first leg of his maiden India trip.

Addressing the 'Namaste Trump' event at the Motera Stadium in Gujarat's Ahmedabad, Trump announced that the US will seal defence deals worth US$ 3 billion on Tuesday.

Trump also asserted that relations with India hold a special place for his country, saying that America loves and will always be loyal to India.

In news from the telecom sector, Bharti Infratel has extended the deadline for completion of the company's merger with Indus Towers in order to comply with certain conditions, despite the government's nod for FDI enhancement on Friday.

The department of telecommunications (DoT) on Friday approved the merger of telecom tower companies Bharti Infratel and Indus Towers.

Bharti Airtel and Vodafone Idea are customers of the two-tower companies.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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