Sensex, Nifty erase gains as coronavirus fears grip global markets
Tue Mar 17 2020
Rajesh Sharma (2002 articles)

Sensex, Nifty erase gains as coronavirus fears grip global markets

Indian shares gave up gains to slide more than 3% in the last hour of trade on Wednesday, in line with global markets, as fears over the coronavirus pandemic loomed.

The Nifty closed 2.5% lower at 8,967.05, while the benchmark Sensex was down 2.58% at 30,579.09.

In Europe, early gains in London, Frankfurt and Paris were quickly wiped out.

U.S. stocks futures pointed to a higher open, with the S&P 500 e-minis climbing 3.8% to hit their upper limit, a day after Wall Street suffered its biggest drop since the crash of 1987.

In Mumbai, shares of ICICI Bank Ltd slumped 8.9%, while Indusind Bank tumbled 9.2%. Top lender State Bank of India closed 4.23% down and led losses on the Nifty PSU bank index.

The Nifty metal index, which rose over 3% during the day, erased gains and closed 1.16% lower.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.


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