Sensex Nosedives by 2,713 Points on Global Cues, Yes Bank Surges by 45 Per Cent

Mumbai, March 16: Equity benchmark indices extended losses in the afternoon session on Monday as the spreading coronavirus pandemic continued to spook global markets. The number of virus positive cases climbed to 110 in India with fresh reports coming from Maharashtra and Odisha. The US Federal Reserve cut interest rates to near-zero a day earlier to help shore up the world's largest economy. But the move rather scared global investors more than cheering them as it reflected fear among US policy makers about the severe impact of the virus.

The BSE S&P Sensex closed 2,713 points or 7.96 per cent lower at 31,390 while the Nifty 50 crashed by 756 points or 7.6 per cent to 9,199. All sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 8.9 per cent, private bank by 8.7 per cent, IT and realty by 8.2 per cent each and financial service by 7.9 per cent.

Among stocks, IndusInd Bank was the top loser after dropping by 18.3 per cent at Rs 656.25 per share. ICICI Bank and Axis Bank lost by 10.3 per cent and 10.1 per cent respectively.JSW Steel tumbled by 14.8 per cent, Vedanta by 10.8 per cent and Tata Steel by 10.7 per cent. The other prominent losers were HDFC, Adani Ports and Infosys. But Yes Bank surged by 45 per cent after the government notified a rescue plan for the private sector lender led by the State Bank of India (SBI) and joined by others.

Meanwhile, global stock markets were roiled after the Federal Reserve slashed interest rates in an emergency move to cushioning the economic impact of coronavirus. That had only limited success in calming panicky investors and Japan's Nikkei slid by 2.46 per cent while Hong Kong's Hang Seng fell by 4.03 per cent.

Shanghai Composite fell by 3.4 per cent even as China's central bank surprised with a fresh round of liquidity injections into the financial system. South Korea's Kospi edged lower by 3.19 per cent.