Sensex drops over 150 pts; Tata Steel cracks 5 pc

Market benchmark Sensex dropped over 150 points in opening session on Monday tracking losses in global equities amid rising concerns over coronavirus outbreak.

The 30-share BSE index was trading 171.90 points or 0.42 per cent lower at 40,969.95, and the broader NSE advanced 51.45 points, or 0.43 per cent, to 12,046.90.

In the previous session, Sensex closed 164.18 points or 0.40 per cent lower at 41,141.85, and the Nifty settled at 12,098.35, down by 39.60 points or 0.33 per cent.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 161.93 crore, while domestic institutional investors sold shares worth Rs 178.59 crore on Friday, data available with stock exchanges showed.

Tata Steel was the top loser in the Sensex pack, cracking up to 5 per cent, after the company reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended on December 2019.

It had posted a consolidated net profit of Rs 1,753.07 crore during the same quarter a year ago.

Mahindra & Mahindra, ONGC, NTPC, PowerGrid, Titan and IndusInd Bank were also in the red.

On the other hand, ICICI Bank, Bajaj Finance, Bajaj Auto, HDFC and SBI were trading with gains.

According to traders, domestic equities were trading on a negative note following weak cues from global equities as concerns over the economic impact of the coronavirus pandemic kept investors on edge.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses.

Global crude benchmark Brent slipped 0.20 per cent to USD 54.36 per barrel.

The rupee appreciated 9 paise against the US dollar to 71.34 in morning session.