Sensex ends 214 pts lower, Nifty gives up 11,300


Business, Market

Equities close lower as coronavirus cases rise

representational image (ANI photo)

Mumbai: Resuming its downward spiral, equity benchmark Sensex ended 214 points lower after a highly volatile session on Wednesday as concerns over rising cases of coronavirus in India kept domestic investors on the edge.

After gyrating over 945 points during the day, the 30-share index settled 214.22 points or 0.55 per cent lower at 38,409.48.

The broader NSE Nifty closed 52.30 points or 0.46 per cent down at 11,251.
Top laggards in the Sensex pack included IndusInd Bank, Bajaj Finance, ITC, UltraTech Cement and HDFC Bank, while Sun Pharma, Tech Mahindra, M&M and Asian Paints ended with gains.

Traders said the domestic market turned increasingly jittery as 28 coronavirus cases were confirmed in India. At the beginning of the session, only six cases were reported.

The rate cut, however, failed to cheer Indian investors. There are still a lot of uncertainty on how the major economies will contain the spread of the virus, according to Ashika Institutional Equity Research.

Global stocks, on the other hand, rallied after the US central bank cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus.

Bourses in Shanghai, Seoul and Tokyo ended on a positive note, while Hong Kong settled with losses. Stock exchanges in Europe opened up to 1 per cent higher while Brent crude oil futures rose 0.58 per cent to USD 52.16 per barrel.

On the currency front, the Indian rupee depreciated 14 paise to 73.34 per US dollar