Stock Market: Sensex, Nifty dip on Coronavirus fears; SAIL, Maruti Suzuki India stocks slide

Stock Market: On account of Coronavirus spread in more than 120 countries including India, the Indian indices crashed more than 2 per cent in the intraday trade session. The BSE Sensex dipped 581 points and closed at 28,288 points while the NSE Nifty crashed 205 points and closed at 8,263 levels. Bank Nifty went down 496 points after closing at 20,083 levels.

Speaking on the current market crash Prakash Pandey, MD & CEO at Plutus Advisors said, "Market sentiment is bearish and once the Nifty broke down below 8,000 but closed above this psychological level, currently one can expect it to have support at 7,800 but this fall in the market is caused by health panic not by any economic slowdown as we witnessed in 2008. So, my opinion for the investors to avoid any kind of short-selling and book profit on every bounceback." Pandy advised stock market investors to take any position in metal and auto stocks as they have gone highly volatile.

See Zee Business Live TV streaming below:
'

Shares of SBI, Yes Bank, Indiabulls, Reliance Industries, HDFC Bank, ITC, Tata Motors, Bajaj Finance, Coal India and ICICI Bank were among the most trending stocks throughout the intraday trade session while shares of Housing Development Finance, Axis Bank, Maruti Suzuki India and IndusInd Bank were among the most active stocks throughout the intraday trade session.

Metal stocks received the maximum beating as the BSE Metal index crashed over 7 per cent in the intraday trade session. Metal major Steel Authority of India Ltd or SAIL share price crashed 5.97 per cent, NMDC shares plunged over 11 per cent, shares of Hindalco Industries nosedived 8.87 per cent, Hindustan Zinc stock price went off near 7 per cent while Tata Steel stocks went down near 3.2 per cent.

Auto stocks also feel the heat Coronavirus fuelled hit on the Indian indices as the BSE Auto index dipped 5.93 per cent in the intraday trade session. Auto major Maruti Suzuki India share price crashed 9.85 per cent, Ashok Leyland shares plunged over 25 per cent, share of Bharat Forge nosedived to the tune of 12 per cent, Cummins India and Eicher Motors scrips went down over 5 per cent while Mahindra & Mahindra stock price crashed around 9.28 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index dipped 1.04 per cent, South Korean Kospi nosedived 8.39 per cent, Hang Seng went off 2.61 per cent while the Shanghai index went off 0.98 per cent.