ANL 34.80 Increased By ▲ 0.80 (2.35%)
ASC 14.45 Decreased By ▼ -0.45 (-3.02%)
ASL 23.30 Decreased By ▼ -1.80 (-7.17%)
AVN 90.10 Decreased By ▼ -2.10 (-2.28%)
BOP 8.98 Decreased By ▼ -0.16 (-1.75%)
BYCO 9.45 Decreased By ▼ -0.40 (-4.06%)
DGKC 127.15 Decreased By ▼ -7.55 (-5.61%)
EPCL 47.30 Decreased By ▼ -3.32 (-6.56%)
FCCL 23.89 Decreased By ▼ -0.74 (-3%)
FFBL 25.09 Decreased By ▼ -0.77 (-2.98%)
FFL 14.80 Decreased By ▼ -0.69 (-4.45%)
HASCOL 10.39 Decreased By ▼ -0.17 (-1.61%)
HUBC 83.80 Decreased By ▼ -2.53 (-2.93%)
HUMNL 6.65 Decreased By ▼ -0.37 (-5.27%)
JSCL 25.15 Decreased By ▼ -0.50 (-1.95%)
KAPCO 40.26 Decreased By ▼ -1.29 (-3.1%)
KEL 3.93 Decreased By ▼ -0.09 (-2.24%)
LOTCHEM 14.10 Decreased By ▼ -0.35 (-2.42%)
MLCF 44.00 Decreased By ▼ -2.42 (-5.21%)
PAEL 34.90 Decreased By ▼ -2.35 (-6.31%)
PIBTL 11.25 Decreased By ▼ -0.45 (-3.85%)
POWER 9.78 Decreased By ▼ -0.47 (-4.59%)
PPL 90.00 Decreased By ▼ -0.90 (-0.99%)
PRL 25.72 Decreased By ▼ -1.14 (-4.24%)
PTC 8.60 Decreased By ▼ -0.11 (-1.26%)
SILK 1.29 Decreased By ▼ -0.06 (-4.44%)
SNGP 39.87 Decreased By ▼ -2.84 (-6.65%)
TRG 143.00 Decreased By ▼ -3.10 (-2.12%)
UNITY 30.73 Increased By ▲ 0.53 (1.75%)
WTL 1.37 Decreased By ▼ -0.04 (-2.84%)
BR100 4,836 Decreased By ▼ -128.86 (-2.6%)
BR30 24,973 Decreased By ▼ -780.65 (-3.03%)
KSE100 45,051 Decreased By ▼ -786.3 (-1.72%)
KSE30 18,871 Decreased By ▼ -303.1 (-1.58%)
Markets

Indian shares fall as China virus spreads; metals stocks slide

India's NSE Nifty 50 index was down 0.44pc at 12,194.00 by 0420 GMT, while the S&P BSE Sensex was 0.43 lower at
27 Jan 2020
  • India's NSE Nifty 50 index was down 0.44pc at 12,194.00 by 0420 GMT, while the S&P BSE Sensex was 0.43 lower at 41,32.75.
  • Analysts also expect Indian markets to remain volatile until the announcement of the federal budget on Saturday.

BENGALURU: Indian shares followed Asian peers lower on Monday, dragged down by metals stocks, as fears about the economic impact of China's spreading virus outbreak curbed risk appetite.

Japan's Nikkei average and US S&P 500 mini futures each fell sharply, and oil prices slumped 2pc to multi-month lows, amid news that the ability of the coronavirus to spread is getting stronger, with the death toll from the virus rising to 80.

India's NSE Nifty 50 index was down 0.44pc at 12,194.00 by 0420 GMT, while the S&P BSE Sensex was 0.43 lower at 41,32.75.

"It is a global scare. It has a global economic impact and impacts commodity prices," said Deepak Jasani, head of retail research at HDFC Securities Ltd in Mumbai.

"Foreign investors may want to reduce positions across markets."

Analysts also expect Indian markets to remain volatile until the announcement of the federal budget on Saturday, which may include government measures to revive economic growth that has slipped to a more than six-year low.

On the Nifty, the top three decliners were all metals and mining stocks. JSW Steel, with a 4.5pc fall, was the biggest loser, followed by Tata Steel, Vedanta Ltd and Hindalco.

Investors may be reacting to fears about disruptions to the steel supply chain in the wake of the coronavirus outbreak in China, the world's top producer and consumer of steel, HDFC's Jasani said.

However, UltraTech Cement rose 2.1pc and led gainers on the Nifty following results on Friday.

Private-sector lender ICICI Bank firmed 1pc after reporting a higher profit for the quarter ended December.

Meanwhile, India on Monday announced plans to sell its entire stake in Air India, in a revised push to sell its national carrier after an initial attempt to sell a majority stake in the airline failed to draw a single bid in 2018.

A government document set March 17 as the deadline for submissions of initial expressions of interest in Air India and said any bidder would have to agree to assume roughly $3.26 billion in debt, along with other liabilities.