Sensex Drops As Corona Virus Fears Spread

Benchmark indices traded lower, as worries mounted on economic growth rate slowing from the Corona Virus spread.

The Sensex was trading lower by 215 points, while the Nifty was trading 73 points lower. According to reports, there were about 2,700 cases of the Corona Virus reported in China and about 80 deaths.

Investors remain cautious that travel restriction could results in a subdued growth outlook for the global economy, which is hence pushing stock prices lower.

The Japanese markets dived almost 2 per cent in trade, while some other Asian markets were closed for the Lunar year.

Shares in ICICI Bank gained after the bank reported a good set of quarterly numbers. Net profit of the bank was placed at Rs 4,146.5 crore against Rs 1604.9 crore, while the net interest income of the bank grew to Rs 8,549.3 crore against Rs 6875.3 crore, year-on-year.

Shares in Bank of Baroda fell more than 2 per cent, after the bank reported a loss for the quarter ending Dec 31, 2019.

HDFC Bank and Reliance Industries, two of the biggest heavyweights in the index, were dragging the indices lower. In fact, HDFC Bank was down more than 1 per cent in trade. Metal stocks were the worst impacted with the metal index down more than 1 per cent in trade.