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Coronavirus infects markets: Nifty logs worst intraday drop in 4 years

Benchmark indices on Friday closed crashing over 3.5% as the coronavirus panic led to massive sell-off in global markets. The BSE Sensex lost more than 1,400 points to close at 38,297. The Nifty 50 index dropped 3.56%, worst intraday fall in over four years, to end the day at 11,219.

Vedanta was the top Nifty loser, falling over 13.5%, followed by Tata Motors, Hindalco, Tech Mahindra and Tata Steel. 48 out of 50 stocks in Nifty 50 index were in red except IOC and Maruti. The NSE index has fallen 7% this week, worst one-week performance in over a decade. Nifty Metals was the worst-performing sectoral index this week after falling over 13%.

Most European and Asian markets fell up to 4%. In overnight trade on Wall Street, the Dow Jones dropped 1,190.95 points, its largest one-day fall in history.

Brent crude prices dived 4% to trade at their lowest levels for more than a year at $50.05 per barrel. The India rupee fell over 55 paise against the US dollar to 72.11 level.

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