Indian market opens in red amid coronavirus fears
Mumbai/IBNS: As investors panicked about coronavirus trouble, the Indian domestic stock market dropped sharply during early trades on Monday.
India's benchmark indices dropped sharply by three percent in the morning.
At 9. 38 am, Sensex plunged by 1215.60 points or 3.23 percent to touch 36361.02 points.
Nifty, on the other hand, moved down by 322.10 points to stand at 10667.35.
Asian market drops:
The Tokyo stock exchange Nikkei index dropped 5.56 percent after one hour of trading on Monday, stock market data shows, reports Sputnik news agency.
The Nikkei Stock Average was at 19,595.5 on Monday morning. The Tokyo Stock Price Index (TOPIX) dropped 4.16 percent to 1,410.18.
Earlier it was reported that as of around 01:30 GMT on Monday, Hong Kong’s main stock market index Hang Seng dropped 3.87 percent to 25,134.02.
Hong Kong’s main stock market index fell 3.87 percent at the opening trading as oil prices dropped in the wake of OPEC oil producers’ failure to agree on deeper production cuts, reports Sputnik.
As of around 01:30 GMT on Monday the Hang Seng index dropped to 25,134.02 according to stock exchange data.
US West Texas Intermediate (WTI) and international benchmark Brent crude futures fell over 20 percent in Sunday night trading.
The Saudi-led OPEC, or the Organization of the Petroleum Exporting Countries, has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna on Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilize the oil market, without mentioning any deeper cuts.
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