Sensex, Nifty Tumble As China Virus Spreads




Indian shares fell sharply on Monday as concerns over the spread of a virus outbreak in China and its potential economic impact sapped demand for riskier assets.


The death toll from China's new coronavirus grew to 80 Sunday, with more than 2,700 people infected globally.


China's National Health Commission on Sunday said the new coronavirus is contagious even in its incubation period, which lasts up to 14 days, and that the virus' ability to spread is getting stronger.


The benchmark S&P BSE Sensex dropped 458.07 points, or 1.10 percent to 41,155.12, while the broader NSE Nifty index ended down 129.25 points, or 1.06 percent, at 12,119.


Hindalco, IndusInd Bank, JSW Steel, Tata Steel and Vedanta fell 3-5 percent, while Dr Reddy's Laboratories soared 5.6 percent after unveiling its Q3 earnings results.


The pharma major achieved strong EBITDA margins, though net profit for the quarter was impacted due to trigger-based impairment charge taken on a few products including

Nuvaring.


Rival Cipla rose 1.2 percent, Aurobindo Pharma rallied 2 percent and Piramal Enterprises gained 1.7 percent.



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