Sensex ends below 41,000 on coronavius worries

Mumbai, The Sensex on Tuesday closed below the 41,000 mark as market sentiments were dampened on worries that the Coronavius would drag world economic growth.

Chinese health authorities on Tuesday that the death toll due to the novel coronavirus (2019-nCoV) outbreak in the country has increased to 106, with 4,515 confirmed cases in 30 provincial-level regions.

Stock markets in China will be shut until next Monday after authorities extended the Lunar New Year break by three days in the midst of the coronavirus epidemic.

“India is taking a careful approach since Q3 has not given a positive sign of revival in corporate earnings as expected. Global market is negative on concerns that the Novel Coronavirus issue may slow the world economy.” said Vinod Nair, Head of Research, Geojit Financial Services.

The Sensex closed 188.26 points lower at 40,966.86 while the Nifty closed at 12,060.25, lower by 58.75 points. All the sectors ended in red except IT and realty. Metals continued to be the biggest loser followed by auto and media.

Siddhartha Khemka of Motilal Oswal Financial Services said that the “markets are likely to remain volatile ahead of the Union Budget on Saturday where the market is expecting measures from the government to lift economic growth. Investors would also await the US Fed meeting outcome which began today”.