Sensex, Nifty Drop 3% As Coronavirus Fears Hurt Global Markets

Domestic stock markets suffered sharp losses in early trade on Monday with benchmark indices slumping nearly 3 per cent, tracking a selloff in global markets as investors panicked about the severity of the coronavirus pandemic amid fears of recession. The S&P BSE Sensex index plummeted as much as 1,176.49 points to hit 36,400.13 on the downside in the first few minutes of trade, and the broader NSE Nifty benchmark slumped to as low as 10,655.10, down 334.35 points from the previous close. A selloff across sectors - led by financial, metal, energy and IT stocks - weighed on the markets.

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