Reportedly indian shares followed Asian peers lower on monday, dragged down by metals stocks, as fears about the economic impact of China's spreading virus outbreak curbed risk appetite. Reportedly Japan's Nikkei average and US S&P 500 mini futures each fell sharply, and oil prices slumped 2% to multi-month lows, amid news that the ability of the coronavirus to spread is getting stronger, with the death toll from the virus rising to 80.
Furthermore India's NSE Nifty 50 index was down 0.44% at 12,194.00 by 0420 GMT, while the S&P BSE Sensex was 0.43 lower at 41,32.75. It is a global scare. It has a global economic impact and impacts commodity prices," said deepak Jasani, head of retail research at hdfc Securities Ltd in Mumbai. Perhaps "Foreign investors may want to reduce positions across markets."
Moreover on the Nifty, the top three decliners were all metals and mining stocks. JSW Steel, with a 4.5% fall, was the biggest loser, followed by Tata Steel, Vedanta Ltd and Hindalco. Apparently HDFC's Jasani said investors may be reacting to fears about disruptions to the steel supply chain in the wake of the coronavirus outbreak in china, the world's top producer and consumer of steel and however, UltraTech Cement rose 2.1% and led gainers on the Nifty following results on Friday.
