(With agency inputs)

Coronavirus scare grips markets; Sensex closes below 29K for first time in 3 years

NEW DELHI: Equity indices on Wednesday continued to slump for the third straight session with the benchmark BSE sensex crashing over 1,700 points amid coronavirus-led sell off.The 30-share BSE index fell 1,710 points or 5.59 per cent to close at 28,870; while the broader NSE Nifty finished 498 points or 5.56 per cent lower at 8,469.Both the indices started on a positive note but failed to hold on to early gains and resumed their downward spiral as investor gloom returned despite signals of massive stimulus packages by governments.Top losers in the sensex pack include IndusInd Bank, Power Grid, Kotak Bank, Bajaj Finance, HDFC Bank and NTPC with their shares down as much as 23.90 per cent.On the NSE platform, except for Nifty Media, all other sub-indices witnessed losses with Nifty Private Bank, Financial Services and Realty down as much as 6.92 per cent.Market participants were on edge as slowdown fear is leading company heads to plead for billions in government help to prevent them going under, experts said.“There is no positive news, there is no clarity about the impact of the virus, until there is data-backed positive news a rally won’t sustain itself,” Neeraj Dewan, director at Quantum Securities told news agency Reuters.The Trump administration has pressed for enactment of a $1 trillion stimulus package as deaths from the virus outbreak in the United States crossed 100.The number of deaths around the world linked to Covid-19 has topped 8,000, with around 2,00,000 infections recorded globally so far.Meanwhile, global oil benchmark Brent crude futures fell over 1.53 per cent to $28.29 per barrel.