Markets Trade Lower; Sensex Falls Below 39,600 Points

Benchmark indices traded lower, as global markets were weak over the continued infection cases due to the coronavirus.

The U.S. State Department raised its travel advisory for South Korea, from level 2 to level 3, which means "reconsider travel." It cited the coronavirus outbreak in South Korea.

There are reports that the number of cases outside China has surged in recent weeks - especially in places like South Korea, Italy, and Iran. The Sensex was trading lower by 238 points, while the Nifty dropped 68 points in trade. Among the top Nifty losers were Cipla, JSW Steel, HCL Tech, HDFC Bank and Mahindra and Mahindra. Yes Bank and Titan Company were among the few gainers from the Nifty space, in a pack that was otherwise falling.

Asian markets were trading extremely weak with the Japanese Nikkei down almost 2 per cent in trade and the Hang Sang down nearly 1 per cent.

Shares in Biocon were trading 1 per cent lower, after the USFDA issued a Form 483 with two observations for its Bengaluru facility.

Shares in Mahanagar Gas gained ground after the company declared an interim dividend. Shares in DB Corp were sharply lower, after the company's promoters pledged their shares.