Sensex closes 392 points lower on coronavirus fears, auto and metal stocks suffer

Equity indices tracked their global peers and closed deep into the red on Wednesday as effects of coronavirus outbreak reverberated beyond China.

Profit-booking accelerated with automobile and metal sectors bearing the brunt as market undertone remained weak since opening following fears of deepening adverse economic impact of coronavirus pandemic.

The BSE S & P Sensex closed 392 points or 0.97 per cent lower at 39,889 while the Nifty 50 was down by 119 points to 11,679.

All sectoral indices at the National Stock Exchange were in the negative zone with Nifty auto skidding by 2.15 per cent, realty by 1.67 per cent, metal by 1.63 per cent, pharma by 1.25 per cent.

Among stocks, Sun Pharma was down by 3.8 per cent at Rs 374 per share while Hindalco and Vedanta dipped by 2.6 per cent and 1.9 per cent respectively.

GAIL plunged by 5.1 per cent to close at Rs 108.15 per share. Tata Motors and Maruti lost by 3.6 per cent and 2.4 per cent. Grasim, Larsen & Toubro, Bharat Petroleum Corporation and Infosys too traded with a negative bias.

However, Yes Bank jumped by 4.98 per cent to wind up the day at Rs 36.90. State Bank of India, HCL Technologies, Bharti Infratel and Britannia showed marginal gains.

Meanwhile, Asian shares fell as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble.

That led Japan's Nikkei to fall by 0.79 per cent following growing concerns the virus could cancel the Tokyo Olympics. Chinese shares fell by 0.83 per cent while South Korea's Kospi dropped by 1.28 per cent.

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