Indian stock markets fell sharply today, tracking global markets lower, amid concerns over the impact of coronavirus on global economy. The Sensex ended 284 points lower at 40,913 while the broader Nifty settled 0.8% lower at 12,035. Among the Sensex stocks, RIL, which fell 2.5%, was the biggest loser. IndusInd Bank, UltraTech Cement, M&M, SBI, Sun Pharma, ONGC, Bajaj Finance and Tech Mahindra were among the other top losers.
Elsewhere, shares of IDFC First Bank fell 7% today after the lender reported a net loss of ₹1,639 crore for the third quarter ended December 31, hurt by one-time provisions.
“Investors continued to watch for developments on the ongoing coronavirus outbreak and its probable impact on global growth. This added to the already high volatility days ahead of the budget,” said Narendra Solanki, head of fundamental research (Investment Services) at Anand Rathi.
In terms of technicals, Shrikant Chouhan, senior vice-president for equity technical research at Kotak Securities, said: “The 12110 and 12190 levels should act as immediate resistance for the index, whereas, trading below the psychological support of 12000 could trigger another correction wave up to 11,940-11,900.”
With the death toll from the coronavirus rising to 170 and the number of cases continuing to increase, investors remained cautious. Overnight, the US Federal Reserve kept interest rates unchanged. Chairman Jerome Powell said the outbreak of the coronavirus…