Sensex falls by over 1941 points on Monday ending at 17 month low; Nifty down by 583 points

Indian stocks on Monday slumped to their lowest in nearly 17 months taking global market cues. The BSE Sensex fell by 1941.67 point or 5.17 pct from the Friday close ending the day at 35,634.95. Meanwhile, broader market Nifty was down by 583 points or 4.9% at the time of market close. The fall was on the back of coronvirus outbreak coupled with the fall in crude prices. The brent crude is down by almost 30%. 

Coronavirus, which is now a global health emergency is creating panic back home as fresh cases rise. All major BSE indicies including BSE Sensex 50 and BSE 100 ending the day in the red. 

"The bigger concern is the fast-spreading coronavirus outside China and its impact on economic growth," said Siddharth Khemka, head of retail research at Motilal Oswal Securities, PTI reported. "FIIs have been selling relentlessly for the past two weeks," he said, referring to foreign institutional investors, the agency reported.

Global share markets tumbled and European futures fell 10%, while MSCI`s broadest index of Asia-Pacific shares outside Japan losing 3.7% in its worst day since 2015.

"The possibility of Nifty going below 10,000 cannot be ruled out. Some clarity on the coronavirus is required," said Anita Gandhi, director at Arihant Capital Markets in Mumbai.

Monday`s rout comes after bruising two weeks during which India`s NSE Nifty 50 index has shed 9% on coronavirus fears and an ongoing turmoil at Yes Bank, one of the country`s largest lenders. Shares of Reliance Industries Ltd fell as much as 13.68%, their worst percentage fall since October 2012 on the slump in crude prices.

Globally, the coronavirus has now infected over 107,000 people, claiming more than 3,300 lives and disrupting business supply chains, the agency reported.

Separately, oil prices fell more than 25% and were set for their biggest one-day decline in 29 years, after Saudi Arabia ignited a price war.

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News of the virus spread and fall in oil prices brought markets in other countries in the sub continent down as well.