Sensex falls over 1,100 points, Nifty dips below 8,350 amid coronavirus crisis

Mumbai: Domestic stock markets fell on Monday tracking a selloff in global peers as the number of coronavirus cases increased the world over.

The S&P BSE Sensex index dropped to as low as 28,708.83 down 1,106.76 points from the previous close - during the session, having started the session down 589.04 points at 29,226.55.

The broader NSE Nifty benchmark declined as much as 326.65 points to hit 8,333.60 at the weakest level of the day.

Losses in financial, automobile and metal stocks pulled the markets lower, but gains in consumer goods and pharma shares limited the downside.

The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession.

After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77.

Similarly, the NSE Nifty fell 245.30 points, or 2.83 per cent, to 8,414.95.

Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank. On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.

According to traders, investors across the globe are jittery over the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns.

The number of COVID-19 cases in India surged past 1,000 over the weekend, according to health ministry log.

Deaths around the world linked to the pandemic crossed 30,000 over the weekend.