Extending the losses from the previous week, domestic equity market benchmarks Sensex and Nifty settled nearly 5 per cent down on the back of global sell-off, crash in crude oil prices and a spike in coronavirus cases. S&P BSE Sensex ended 1941 points or 5.17 per cent lower at 35,634, while the broader Nifty 50 index settled 538 points or 4.90 per cent at 10,451 points. “With oil prices collapsing in the wake of weak global growth and with the Covid-19 spreading to over thirty countries, global markets were rattled today and India too bore the brunt of relentless selling. While today was indeed a day of accumulation for those with lower equity allocation, the near term outlook indeed looks shaky as growth remains elusive globally,” S Ranganathan, Head of Research at LKP Securities said.

Sensex off 16 per cent from all-time high- Sensex settled 1,941 points or 5.17 per cent down at 35,634 points, which is around 16 per cent off from its all-time high of 42,273 points touched on January 20, 2020. Today in the intraday trade, Sensex hit 52-week low of 35,109 points while Nifty 50 hit 52-week low of 10,294 points.

ONGC drops over 16%- All 30 Sensex stocks ended in deep sea of red with ONGC as the top loser, down 16.55 per cent, followed by RIL, IndusInd Bank and Tata Steel. While Yes Bank shares settled over 31 per cent up at Rs 21.25 apiece on BSE.

Nifty Metal index down 7.7%- All the Nifty sectoral indices settled lower in today’s trade. Nifty Metal index dropped 7.72 per cent due to the weakness in Welspun Corp, Vedanta and NMDC. Similarly, Nifty Bank index settled 1,331 points or 4.79 per cent to 26,470 points dragged by RBL Bank, IndusInd Bank and IDFC First Bank.

Crude oil prices crash- Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand on Monday, Reuters reported. “Russia’s disapproval to deepen oil output cuts and Saudi Arabia plans to flood the markets with oil, triggering an all-out price war, has led to a carnage in oil prices. Considering this supply shock and sinking demand, the pathway remains bearish going ahead too where after a minor relief rally, prices look to extend their downside towards lows seen in 2016, close to $28 per barrel for Brent crude. A breach of the said level, could even set up the energy counter for a further leg of downside towards $22 per barrel,” Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said.

Macroeconomic data to be on investor’s radar- Factory output data for January and inflation data for February to be released on March 12. “We expect Indian markets to remain under pressure in the near-term since the sentiments are weak on the worries of a slowdown across the globe. Investors would continue to monitor crude oil prices, currency movement and the updates on the spread of Coronavirus cases as these factors are keeping the markets on edge. On the domestic front, inflation data such as IIP and CPI scheduled this week would be on investor’s radar,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

Coronavirus confirmed cases in India rise- The confirmed cases of coronavirus in India increased to 43 including a person in Jammu and Kashmir and a three-year-old child from Kerala were tested positive on Monday.

Yes Bank fiasco raises concerns on banking sector- Ongoing fiasco in Yes Bank kept the investors on edge. “The success of the scheme of reconstruction and the bank’s future will have material implications for the banking sector,” HDFC Securities said in a note.