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Indian stocks plummet on deepening virus fears, Nifty oil crash hits low for 1 year

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BENGALURU, March 9 (Reuters) – Indian stocks followed a drop in the number of their global counterparts on Monday as fears escalated over the spread of the coronavirus epidemic and falling prices for oil.

Energy and metals stocks suffered the biggest losses, with the NSE Nifty 50 falling 3.70% to 10,582.90 in 0422 GMT, while the index S&P BSE Sensex was down 3.86% to 36,125.45.

The Nifty reached its lowest level since February 2019 and was about to experience its worst day since August 2015.

A sell-off triggered by the economic fallout from the virus epidemic has wiped out 9% of the Nifty in the past two weeks, the decline being exacerbated by the turmoil at Yes Bank, one of the largest lenders from the country.

The virus epidemic has now infected more than 107,000 people worldwide, killing more than 3,300 and disrupting business supply chains.

Oil prices plunged about 25% on Monday, heading for their biggest daily loss since 1991 after Saudi Arabia lowered prices and planned a sharp increase in crude oil production in April.

“The news flow has been pretty pathetic. People are talking about a contraction in global GDP due to the coronavirus, "said Saurabh Jain, assistant vice president of research at SMC Global Securities in New Delhi.

"No one knows how things will improve in the future."

Global stock markets tumbled on Monday, the MSCI's largest Asia-Pacific equity index excluding Japan losing 3.7% on the worst day since 2015.

Yes Bank shares rose 10% in volatile trade, after falling 56% on Friday. A court on Sunday returned its founder to custody after his money laundering arrest following a central bank decision to take control of the lender.

The Nifty banking index fell 3.7%, reaching its lowest level since September.

State-owned Bharat Petroleum Corp Ltd was among the few Nifty winners, up 5.3%, after the Indian government on Saturday invited initial offers to buy a majority stake in the refining company. oil.

The shares of the oil-telecoms conglomerate Reliance Industries Ltd fell by 6%, while the state-owned Oil and Natural Gas Corp fell by 9.6% in the midst of the defeat in oil prices.

The rupee firmed 0.11% to 73.8975 against the dollar, after reaching its lowest since October 2018 on Friday. (Report by Sachin Ravikumar; Edition by Aditya Soni)

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