Indian shares extended losses for the fourth straight session on Wednesday as fears of a potential coronavirus pandemic rattled the markets. As the outbreak outside China escalated, global investors shunned riskier equities, with metal stocks tumbling the most.
The BSE Sensex ended 392 points lower at 39,889, while the Nifty50 index settled 119 points lower at 11,678.
Asian shares also took a beating as the virus spread rapidly from its epicentre in China to other countries, leaving investors concerned about its impact on the economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.28 percent, while Japan was among the worst-performing market in the region on fears that the Tokyo Olympics may be cancelled because of the virus.
Back home, the broader markets were also in the red with the Nifty Midcap index and Nifty Smallcap index down 1 percent and 0.6 percent, respectively.
Among stocks, Yes Bank, SBI, Bharti Infratel, HCL Tech, and HDFC Bank were the top gainers on the Nifty50 index, while GAIL, Tata Motors, Sun Pharma, Grasim, and Hindalco led the losses.
All sectoral indices were red for the day. Major selling was seen in Nifty Auto and Nifty Metal indices, down 2.1 percent and 1.7 percent, respectively. Nifty Realty, Nifty IT and Nifty Pharma also lost around 1.5 percent each, while, Nifty Bank shed 0.4 percent for the day.
Metal stocks tumbled as prices fell on the London Metal Exchange. JSPL, NMDC, Hindalco, and Hind Copper lost over 2 percent each for the day.