Sensex sheds 162 pts; auto, metal stocks drag

Market benchmark Sensex closed 162 points lower on Monday due to heavy sell-offs mainly in auto and metal stocks as investors continued to gauge the severity of coronavirus outbreak and its economic impact. The 30-share BSE Sensex settled 162.23 points, or 0.39 per cent, down at 40,979.62. It hit an intra-day low of 40,798.98. Similarly, the broader NSE Nifty slipped 66.85 points, or 0.55 per cent, to 12,031.50.

Mahindra and Mahindra (M&M) was the top laggard in the Sensex pack, cracking over 7 per cent, after the home-grown auto major on Saturday reported 73 per cent decline in consolidated quarterly net profit. Other major laggards were Tata Steel, ONGC, Sun Pharma, Hero MotoCorp, PowerGrid and NTPC. On the other hand, Bajaj Finance, Kotak Bank, TCS, Asian Paints, HDFC, HUL and RIL closed with gains.

Market mood remained jittery amid rising apprehension about economic fallout due to Chinese coronavirus globally as the increase in casualty figures surpassing SARS outbreak has raised alarm bells about its severity, Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said.

Bourses in Hong Kong, Tokyo and Seoul settled in the red, while those in Shanghai ended higher. Stock exchanges in Europe also opened on a negative note. Meanwhile, Brent crude oil futures slipped 0.44 per cent to USD 54.23 per barrel. On the currency front, the Indian rupee appreciated by 8 paise to 71.35 per US dollar (intra-day).