Stock markets in India alongside global equities market witnessed a meltdown while prices of safe assets like gold went up amidst fears of disruptions in economic activity following the increase in coronavirus related deaths outside China.
Global oil prices fell by 3 per cent leading to sell-off in manufacturing sector stocks. Nifty metal crashed 5.36 per cent and investors kept themselves aloof from entities such as Jindal Steel & Power Limited, JSW Steel Limited, SAIL and Tata Steel Limited.
Gold meanwhile had a record run with investors seeking safer assets in wake of coronavirus outbreak. Gold futures for April delivery topped the Rs 43,000 per 10 grams mark for the first time.
After the volatility index climbed over 25 per cent, Sensex closed 806.89 points lower at 40,363.23. The broader Nifty settled at 242.25 points lower at 11,838.60. The BSE mid-cap index closed 1.60 per cent lower while the small caps index closed lower by 1.58 per cent.
Countries such as South Korea and Italy also reported deaths from coronavirus affecting the global sensex market adversely. Coronavirus related deaths have already crossed 2,600 in China, the epicentre of the disease.
Asian share indexes were a sea of red. Korea's KOSPI Index slipped nearly 4 per cent, Shanghai Composite Index was down 0.28 per cent. Besides, Australia's benchmark index slid 2.2 per cent while New Zealand was about 1.3 per cent lower.
