Market Wrap: Sensex tanks 858 points, Nifty falls below 9,000 mark

After opening on a positive note, the 30-share index gyrated 1,653 points during the day finally ended on negative nnote dropping 811 points or 2.58 per cent lower at 30,579.09. Likewise, the broader NSE Nifty slumped 230.35 points or 2.50 per cent to close at 8,967.05.

Top losers in the Sensex pack included ICICI Bank, IndusInd Bank, Bajaj Finance, Kotak Bank, HDFC, Infosys and SBI. On the other hand, HUL, Hero MotoCorp, PowerGrid, Maruti and Asian Paints were among the gainers. On Monday, the markets had succumbed to yet another brutal selloff, with the Sensex logging its second-biggest drop in absolute terms.

The 30-share BSE Sensex had plunged 2,713.41 points or 7.96 per cent to finish at 31,390.07. The broader NSE Nifty had given up the 9,200 level and slumped 757.80 points or 7.61 per cent to end at 9,197.40.

According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession.

Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo turned positive. Markets in Europe cracked up to 3 per cent in early trade. Meanwhile, the rupee appreciated marginally to 74.20 per US dollar (intra-day). Brent crude oil futures fell 1.06 per cent to USD 29.73 per barrel.

The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far. In India, the number of infected cases stood at 126, as per the union health ministry.

(With inputs from PTI)