Domestic stock markets settled on a sharply lower note on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth. The 30-share BSE barometer Sensex witnessed its worst 1-day fall since November 2016, while broader NSE Nifty saw third biggest 1-day fall in history.

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After plunging 1,525.69 points during the day, Sensex settled 1,448.37 points, or 3.64 per cent lower at 38,297.29. The broader NSE Nifty fell 431.55 points or 3.71 per cent to end at 11,201.75.

The Nifty MidCap 100 index declined 3.36 percent, while the Nifty Smallcap index settled 3.9 percent lower. Midcap Index saw worst intraday decline since 2018.

For banking gauge - it was the biggest 1-day fall in four years. It dropped 3.44 percent on Friday.

All the sectoral indices on the National Stock Exchange (NSE) ended lower, with the Nifty metal index ending 7.34 percent lower. Selling was also witnessed in Nifty PSU Bank index, which closed 5.3 percent lower. Nifty IT shed 5.3 percent, Nifty Auto lost 3.8 percent, while Nifty Pharma was down 3.7 percent.

Top percentage laggards on the 50-scrip index were Vedanta, Tata Motors, Hindalco, Tech Mahindra and Tata Steel, ending between 7.70 percent and 13.56 percent lower. IOC and Maruti were the only gainers on the Nifty50 index.

Reliance Industries, Infosys and HDFC contributed the most to the losses on the Sensex.

According to Amar Ambani, Senior President & Institutional Research Head, YES Securities, the Indian market nosedived along with global equities, on fears that the coronavirus will hamper global growth. The viral outbreak that began in China has infected more than 83,000 people globally. Further, incessant selling by foreign portfolio investors (FPIs) spooked retail investors, traders said.

Market breadth was negative, with 2,008 stocks settling lower and 459 ending higher on the BSE. On the NSE, 1,566 stocks declined while 252 advanced. On a weekly basis, Sensex and Nifty saw the worst week in 10 years after shedding more than 7 percent each.

(With inputs from PTI)

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First Published:Feb 28, 2020 3:33 PM IST