The S&P BSE Sensex and NSE Nifty 50 indexes erased intraday gains in last hour of trade to fall for seventh day and post longest losing streak of 2020. The benchmarks were trading firmly higher. However, a sudden selloff after the government said toll of people affected by coronavirus rose to 5, wiped out entire intraday gains. The Sensex fell as much as 1,297 points from the day's highest level and the NSE Nifty 50 index touched a low of 11,036 after hitting a high of 11,433. In the last seven sessions, the Sensex has plunged 7.69 per cent and the Nifty 50 has slumped 8.18 per cent.
The markets have been under intense selling pressure on fears that coronavirus spreading to other countries outside China will disrupt global supply chains and will negatively impact the global economic growth, analysts said.
The Sensex ended 153 points or 0.4 per cent lower at 38,144 and the NSE Nifty 50 index declined 0.62 per cent or 69 points to shut shop at 11,133.
Seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal and Oil & Gas indexes 2 per cent fall. S&P BSE Utilities, Telecom, Bankex, Basic Materials and Energy sector gauges also fell over a per cent each.
On the other hand, S&P BSE Information Technology index was top gainer, up 1 per cent.
Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap index declined 0.65 per cent and the S&P BSE SmallCap index dropped 0.8 per cent.
Yes Bank was top loser in the Nifty 50 basket of shares, the stock fell 6.65 per cent to close at Rs 32.30. State Bank of India, Tata Steel, GAIL India, Hero MotoCorp, Bharat Petroleum, Bajaj Auto, Tata Motors, Hindalco, Larsen & Toubro and Grasim Industries were also among the losers.
On the flipside, HCL Technologies, Eicher Motors, Nestle India, ICICI Bank, Tech Mahindra, Bharti Infratel and Mahindra & Mahindra were among the gainers.
The overall market breadth was negative as 1,508 shares closed lower while 946 ended higher on the BSE.
