Sensex Declines Around 200 points, Nifty Below 12,200; Metal, Banking Stocks Lead losses

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Sensex Declines Around 200 points, Nifty Below 12,200; Metal, Banking Stocks Lead losses

The BSE midcap index gained 0.4 per cent and BSE Smallcap index added 0.3 per cent

The benchmark indices continue to trade in the red due to negative cues on the global front. At 10:45 am, the BSE Sensex was at 41,436, weaker by 176 points or 0.4 per cent and the NSE Nifty was at 12,193, down 55 points or 0.4 per cent. The broader markets have recouped their losses to outperform their larger peers; The BSE midcap index gained 0.4 per cent at 15,894 and the BSE Smallcap index added 0.3 per cent at 14,902.

Wall Street fell in a broad sell-off on Friday, as investors fled equities on growing concerns surrounding the coronavirus outbreak, capping the S&P 500’s worst week in six months. The Dow Jones Industrial Average fell 170 points to 28,989, S&P 500 lost 30 points to 3,295 and Nasdaq Composite dropped 87 points to 9,314.

Asian shares slid on Monday as the rampaging coronavirus virus infused fears in China and across Asia. Japan’s Nikkei 225 fell nearly 2 per cent in early trade on Monday. Contracts on the S&P 500 Index fell more than 1 percent before paring losses and Japan’s Topix slid. And Chinese futures fell more than 5 percent.

Trading volumes are expected to be low in Asia as markets are shut in China, Hong Kong and South Korea for the Lunar New Year holidays.

Oil prices slumped a further 2% to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns in China deepened concerns about demand for crude. Brent crude fell by $1.12 a barrel, or 1.9%, to $59.57

Written by Anindita Ghosh