New Delhi | Jagran Business Desk: The market benchmark Sensex on Monday slipped over 2,800 points while Nifty shed over 600 points in the afternoon session. The Sensex was at 31,302.41 while the Nifty was trading at 9169 points. The Indian rupee also opened lower at 74.11 against US dollar versus Friday's close of 73.91.
The major losers in the indices were HDFC, ICICI Bank, SBI, Sun Pharma, JSPL, Max Financial and DLF while the major gainer was Yes Bank.
The markets around the world were hammered on Monday after emergency rate cuts in the US and New Zealand amid the coronavirus pandemic that has claimed the lives of over 6,000 and affected more than 1,25,000 people around the world.
The US Federal Reserve also slashed the interest rates following which the stocks fell sharply in the country. Markets in Asia also fell amid coronavirus fear in the region. Hong Kong's Hang Seng index declined about 2 per cent while shares in South Korea and China slipped less than 1 per cent. Shares in Australia dropped 4.3 per cent.
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However, the Indian market on Friday recovered from the coronavirus fear amid hopes of coordinated measures to contain COVID-19 virus.
In the previous session, the 30-share BSE barometer settled 1,325.34 points or 4.04 per cent higher at 34,103.48 while Nifty settled 365.05 points, or 3.81 per cent, up at 9,955.20. It hit an intra-day low of 8,555.15. Most Sensex components ended with gains.
The Reserve Bank of India on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable.
Chief Economic Advisor Krishnamurthy Subramanian said the government and the RBI will take all necessary steps to quell the "fear sentiment" created due to the coronavirus outbreak.
The Sebi on Friday also said that the regulator and stock exchanges are prepared to "take any action" as required to deal with market volatility.