The Indian stock market jilted by the outbreak of the coronavirus in China continues trading in the red as investors remain nervous. All eyes are now on the Union Budget scheduled to be presented by the Finance Minister on February 1.
Sensex is down 159.01 points or 0.39 percent at 40754.81, and the Nifty shed 59.50 points at 11976.30 dragged largely by the Energy index.
S&P BSE Energy was down over a percent dragged by Oil India Limited, Indian Oil Corporation and ONGC which shed 3-6 percent. Nifty CPSE was trading near 4-year low as these stocks were the top losers from the index.
BEL tanked over 8 percent after the company's net profit tanked 56.8 percent to Rs 222.68 crore in the December quarter as against Rs 515.52 crore during the previous quarter ended December 2018.
GAIL India, BPCL and Reliance Industries were the other losers.
Global oil prices jumped following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of a coronavirus that originated in China last year.
Brent crude futures jumped USD 1.16 to USD 59.45 a barrel by 0532 GMT, after falling 2.5 percent the previous session. Brent is still down 2 percent for the week.
India VIX jumped 4.29 percent and is trading at 17.52 level.
The top gainers from the Nifty were Kotak Mahindra Bank, IndusInd Bank, Bajaj Auto, ITC and Britannia Industries while the top losers included ONGC, IOC, Power Grid, Tata Motors and UPL.
The most active stocks were Kotak Mahindra Bank, Tata Motors, Reliance Industries, IndusInd Bank and State Bank of India.
Avenue Supermarts, Orient Electrics, SRF and Amber Enterprises have hit new 52-week high on the NSE.
About 756 shares have advanced, 1230 shares declined, and 107 shares are unchanged.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.