Domestic stock markets ended lower but off lows on Wednesday after the country's health minister confirmed that the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further. The Sensex closed 214.22 points, or 0.55 percent lower at 38,409.48. That was more than 550 points off lows. The broader NSE Nifty depreciated 52.30 points or 0.46 percent to finish at 11,251.

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Broader indices underperformed benchmarks. The Nifty MidCap 100 index fell 1.52 percent. The banking gauge- Nifty Bank - dropped over 500 points or 1.79 percent, with Yes Bank and IndusInd Bank being the top losers.

Top percentage laggards on the 50-scrip index were Yes Bank, Eicher Motors, Bajaj Finance, ITC and Tata Motors, ending between 3.03 percent and 6.09 percent lower. HDFC Bank, ITC and ICICI Bank contributed the most to the losses on the Sensex.

Nine out of the 11 sectoral indices on the National Stock Exchange (NSE) settled lower, with the Nifty Media index ending 2.01 percent lower. The Nifty Private Bank index closed 1.71 percent lower.

Aviation stocks were under pressure due to coronavirus scare. IT stocks closed higher as rupee weakened against dollar. Pharma stocks - Cipla, Dr Reddy's and Sun Pharma - were the top Nifty gainers.

Market breadth favoured declines, with 1,713 stocks settling lower and 687 ending higher on the BSE. On the NSE, 1,291 stocks declined while 533 advanced.

Stock markets in Asia and Europe too struggled as an emergency rate cut on Tuesday from the US Federal Reserve seemed to stoke rather than soothe fears over the virus' widening global economic fallout.

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First Published:Mar 4, 2020 3:32 PM IST