Indian benchmark indices plunged over 5 percent in line with the global market sell-off on Monday after the emergency rate cut by the US Fed failed to soothe investors as coronavirus scare intensified. At 1:30 pm, the Sensex tanked 1,760.40 points or 5.16 percent to 32,343.08 while the Nifty declined 489.00 points or 4.91 percent to 9,466.20.

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All the sectoral indices witnessed a sharp fall with Nifty Bank, Nifty Metal and Nifty Realty declining more than 6 percent each followed by Nifty Financial Services and Nifty IT falling over 4 percent each.

IndusInd Bank, Adani Ports & SEZ, JSW Steel, Vedanta and Tata Steel led the decline among Nifty constituents while Yes Bank and Bajaj Auto were the only to trade in the green among Nifty index.

Meanwhile, investors will keep an eye on any announcement from the Reserve Bank of India (RBI) Governor Shaktikanta Das later today after the market hours.

"See a strong possibility of an off-cycle rate cut as RBI might announce a 50 bps rate cut. RBI can announce further measures to improve the liquidity, while it may announce ease in interest rates on overnight & long-term rates," said Ananth Narayan, Professor, SPJIMR.

Shares of cash-strapped lender YES Bank surged 58 percent on Monday after the government notified the plan for eight banks to carry out a Rs 10,000 crore bailout for the lender. Yes Bank has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs 10,000 crore.

Shares of SBI Cards and Payment Services got listed at Rs 658 per share, at 12.85 percent discount as against the issue price of Rs 755 per share on the BSE. The stock, however, recovered most ground soon after listing. At 10:15 am, the shares recovered to trade at Rs 752.25, marginally lower than the issue price.

The shares of Phoenix Mills Ltd fell almost 15 percent after the global rating agency CLSA downgraded the stock to ‘Underperform’ from ‘Buy’ with a target price of Rs 850 per share. The stock plunged 14.93 percent to touch intraday low of Rs 639.95 per share as against the previous of Rs 751.15 on the BSE.

Globally, stock markets were routed and the dollar tumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap US dollars to ease a ruinous logjam in global lending markets.

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