Sensex slips 285 points at the expiration of F RIL falls more than 2%

MUMBAI: The actions resumed their downward spiral on Thursday because concerns about China's coronavirus outbreak reduced risk appetite amid the expiration of January derivative contracts.

India reported on Thursday its first case of the new coronavirus, with a student who tested positive in Kerala.

After balancing more than 550 points during the day, the BSE of 30 shares sensex 284.84 points, or 0.69 percent, settled at 40,913.82. It reached an intraday low of 40,829.91 and a maximum of 41,380.14.

Similarly, the largest closed 93.70 points, or 0.77 percent, at 12,035.80.

Index heavyweight Reliance Industries was the biggest loser in the sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.

On the other hand, Bajaj Auto, PowerGrid, ICICI Bank, Asian Paints, NTPC, HDFC, L&T and Maruti ended up with profits.

According to analysts, benchmarks became highly volatile before the expiration of futures and options contracts (F&O) in January.

During the afternoon session, the markets continued to operate downward, led by the sale of large-cap stocks, which added to the sentiment already scarce before the Budget, they said.

In addition, the weakness in other Asian resources such as growing concerns about the impact of China's coronavirus on the world economy also affected internal sentiment, traders said.

Fear of economic slowdown as the coronavirus spreads to other nations has dampened the mood of investors worldwide. A series of results announced so far could not provide an image of economic recovery with disappointing banks due to the weak quality of assets that triggered the profit reserve.

With high expectations, the market will remain focused on the next Budget for new green shoots in the economy, said Vinod Nair, Head of Research at Geojit Financial Services.

All BSE sector indices ended with losses, with energy, oil and gas, consumer goods, health, metal and IT falling to 2.29 percent.

The broader BSE midcap and smallcap rates lost up to 1.26 percent.

The courses in Hong Kong, Japan and South Korea ended with heavy losses. The markets in China remained closed.

Stock exchanges in Europe also opened on a negative note.

Brent crude futures fell 1.63 percent to $ 57.97 per barrel.

On the front of the coin, the Indian rupee depreciated in 23 countries at 71.51 per US dollar (intraday).

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