New Delhi: Fear of further disruption in economic activity owing to the jump in coronavirus related deaths drove the prices of safe haven assets like Gold to a record high and pushed the oil prices and global equities lower on Monday. Indian benchmark equity index, Sensex lost nearly 800 points during the afternoon trade.
The 30-share index ended 806.89 points or 1.96 per cent lower at 40,363.23. Similarly, the 50-share NSE Nifty plunged 251.45 points to 11,829.40.
Nifty metal index extended losses and dragged the markets lower. The metal index fell 4.89 per cent. Jindal Steel & Power Limited lost over 8 per cent followed by JSW Steel Limited, Steel Authority of India Limited and Tata Steel Limited which lost over 6 to 9 per cent.
All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, Titan, ICICI Bank, HDFC and Bharti Airtel.
In a worrying sign for the global economy, the deadly coronavirus is fast spreading beyond China.
On the domestic front, investors were eyeing US President Donald Trump's two-day visit to India for further cues on trade front. He reached Ahmedabad earlier in the day.
It is the major loss for the market after Union Budget presentation on 01 February 2020 with Sensex losing 988 points.
Gold soars Rs 953 on weaker rupee, global cues
Gold prices on Monday soared Rs 953 to Rs 44,472 per 10 gram in the national capital on weaker rupee and rise in global prices, according to HDFC Securities.
The yellow metal had closed at Rs 43,519 per 10 gram in the previous trading session.
Silver prices also rose by Rs 586 to Rs 49,990 per kg from Rs 49,404 per kg.
Read more: Trump visit will offer opportunity to Delhi, Washington to spot more opportunities: SBI MD
"Gold prices continued upside with international spot gold prices opening higher on Monday, rallying above USD 1,680. Spot gold for 24 karat in Delhi rallied as much as Rs 953 on weaker rupee and strong international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Rupee slides 34 paise to over 3-month low of 71.98 against US dollar
The rupee on Monday fell by 34 paise to close at more than three-month low of 71.98 (provisional) against the US dollar, tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.
Forex traders said investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on global economy.
(Inputs from Agencies)
