Sensex drops over 200 pts; Nifty near 11,600

Mumbai, Feb 27 () Market benchmark Sensex dropped over 200 points in opening session on Thursday as incessant foreign fund outflow and coronavirus overhang weighed on global investor sentiment.

The 30-share index dropped 202.44 points, or 0.51 per cent, to 39,686.52, while the NSE Nifty fell 62.75 points, or 0.54 per cent, to 11,615.75.

Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries.

On the other hand, Titan, NTPC, Nestle India and Kotak Bank were trading with gains.

In the previous session, the Sensex settled with a loss of 392.24 points, or 0.97 per cent, at 39,888.96, and Nifty plummeted 119.40 points or 1.01 per cent to end at 11,678.50.

According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.

On a net basis, foreign institutional investors sold equities worth Rs 3,336.60 crore, while domestic institutional investors bought shares worth Rs 2,785.67 crore on Wednesday, data available with stock exchanges showed.

Stock exchanges in Hong Kong, Seoul and Tokyo were trading with losses, while bourses in Shanghai were positive.

Equities on Wall Street too ended on a tepid note on Wednesday.

Brent crude oil futures fell 1.19 per cent to USD 52.18 per barrel.

The rupee appreciated 2 paise to 71.63 against the US dollar in morning session. ANSANS