Sensex Plunges 350 Points, Global Markets Weak On Fed Commentary

Benchmark indices opened the day weak, as global markets lost ground even as the US Federal Reserve raised concerns about the coronavirus impacting the US economy.

Most Asian markets were trading 1 per cent lower, after the US Federal Reserve felt that that the coronavirus would continue to stunt growth and potentially pose dangers to the financial system.

The Nifty was down 93 points at 11,314 points.

Shares in Muthoot Finance saw a big drop of nearly 4 per cent in trade even after the company reported a 52 per cent jump in its consolidated net profit at Rs 858 crore in the first quarter ended June of the current fiscal year.

Banking stocks saw a sharp fall with the Bank Nifty plunging 270 points in trade. Among the losers from the Bank Nifty were Axis Bank, HDFC Bank and ICICI Bank.

The top gainers from the Nifty were Zee Entertainment, Cipla and NTPC. Meanwhile, most Asian markets were trading lower with the Japanese Nikkei, the Hong Kong's Hang Sang and the Korean Kospi among the losers in trade.