Stocks slump as coronavirus scare casts shadow on global economy

MUMBAI: Market gauges Sensex and Nifty tumbled further on Tuesday as investors continued to engage in sell-offs for a second day in a row fearing economic fallout of deadly coronavirus.

Besides, other domestic factors like weak quarterly earnings by corporates, reports suggesting shortfall in tax collections and a general caution ahead of Union Budget weighed on investor sentiments.

At the closing bell, the 30-share BSE Sensex was down 188.26 points, or 0.46 per cent, at 40,966.86 — its weakest level in over six weeks. During the day, the index swung over 463 points.

Likewise, the broader NSE

Nifty settled the day 63.20 points, or 0.52 per cent, down at 12,055.80.

In the Sensex pack, Bharti Airtel was the biggest loser, dropping 4.55 per cent, followed by Tata Steel, Reliance Industries, Maruti, ITC, Nestle India and ICICI Bank.

On the other hand, HDFC,

Bajaj Finance, Sun Pharma and HDFC Bank advanced up to 1.53 per cent.

Sectorally, BSE telecom was the biggest loser, cracking 4.11 per cent, followed by metal, energy, power, auto and FMCG indices.

While BSE oil and gas, IT and finance indices ended higher.

In the broader market, BSE midcap and smallcap indices fell up to 0.52 per cent.

The Indian market was caught in an intense volatility for a second straight day, guided by global sell-offs amid mounting concerns over the impact of China's coronavirus on the world economy, analysts said.

Brent crude oil futures dropped 0.77 per cent to $58.13 per barrel.

On the currency front, the Indian rupee appreciated by 9 paise to 71.34 per US dollar.