Coronavirus fears shave over 1,400 pts of Sensex over 4-day; Nifty stares at 11,600

Taking Stock: Scary Wednesday! Sensex drops below 40K; Nifty breaks 200-DMA

Bears continued their dominance on D-Street for the fourth consecutive day in a row on Wednesday and pushed benchmark indices below crucial support levels.

Vinod Nair, Head of Research at Geojit Financial Services:

Increasing concern regarding coronavirus in the world over is impacting global market. The economic impact is expected to be worse than thought earlier forcing investors to stay away from risky assets. Domestic market is bracing for yet another subdued GDP growth, with a forecasted of 4.6% to 4.7% in Q3 compared to 4.5% in Q2, which is adding to the fear.

S Ranganathan, Head of Research at LKP Securities:

Corona Virus spreading globally continued to grip our markets today as well with the Nifty shedding a further 120 points. Barring a few select sectors like Chemicals, almost all sectors wilted under selling pressure as investors booked profits.

Santosh Meena, Senior Research Analyst, TradingBells:

The mayhem in equity markets is continued around the globe due to rising worries of Coronavirus. There is a vertical fall in equity markets as investors are coming out of risky assets where US 10-Yr Treasury yield is falling because of the demand for a safe haven. Uncertainty regarding coronavirus will continue to impact the equity markets while the February series expiry may cause volatility in tomorrow's trading session.  

Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures:

There is a high level of nervousness globally on account of Coronavirus. A breach below 11,600 will add to further pressure on the downside, however, if markets were to hold on to the support zone of 11,600 a bounce back is likely. Immediate resistance on the upside is near 11,800 zone. 

#MarketsWithMC | Closing Bell 🔔: #Coronavirus fears shave over 1,400 points of Sensex over 4-day; #Nifty stares at 11,600#StocksToWatch #StockMarket | https://t.co/vsldXzIwgB pic.twitter.com/JEr9iBIEpR

— moneycontrol (@moneycontrolcom) February 26, 2020

Market Close: Benchmark indices ended lower for the fourth straight session on February 26 on the back of fears of coronavirus.

The Sensex was down 392.24 points or 0.97% at 39888.96, and the Nifty was down 119.40 points or 1.01% at 11678.50. About 823 shares have advanced, 1601 shares declined, and 142 shares are unchanged. 

Sun Pharma, Tata Motors, Maruti Suzuki, Infosys and L&T were among major losers on the Nifty, while gainers were Yes Bank, Bharti Infratel, SBI, Britannia Industries and HCL Tech.

Among sectors, Auto index fell over 2 percent followed by energy, infra, IT, metal and pharma. BSE Midcap index fell 1.3 percent, while Smallcap index was down 0.8 percent.

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Seventy stocks gain in double digits despite Coronavirus hangover on market

The widely spread coronavirus has made experts lose sleep over global growth worries. The pandemic is hitting investor sentiment across markets. Indian equities have lost more than 5 percent from their record high (touched in January).

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:

We believe the index has a strong support at 11500 levels and the same should be held. On the higher side, 12150/12450 level is possible. On the other hand, breach of 11500 level could lead to further selling pressure. Advice investors to accumulate gradually while trades should keep leverage in control until a clear trend emerges.

177 securities at 52-week low: