The benchmark index of the Bombay Stock Exchanges (BSE), Sensex has shed 300 points at 40,825 mark.
The benchmark index of the National Stock Exchanges (NSE), Nifty has slipped below the 11,200 mark.
In commodities, oil prices extended their decline as the specter of excess supplies loomed as the coronavirus outbreak hit demand in China. Metal stocks got a setback as the coronavirus continued to spread its tentacles across China.
Tata Steel plunged 5 per cent to Rs 447, while Vedanta and Hindalco lost nearly 3 per cent each. In the auto space, M&M shed 5 per cent to Rs 540 and Tata Motors lost 2.4 per cent to Rs 169.
On the other hand, Hindustan Unilever, Bajaj Finance and ICICI Bank were the only Sensex-50 stocks to buck the weak trend; the three stocks gained up to half a percent each on the BSE.