March 9, 2020 / 3:27 AM / a month ago

Indian stocks set to drop as virus spreads, oil prices plunge

BENGALURU, March 9 (Reuters) - Indian shares were poised to follow Asian peers lower on Monday, as risk sentiment soured due to the unabated spread of the coronavirus outbreak and a plunge in oil prices.

The NSE stock futures listed on Singapore Exchange were down 2.77% by 0300 GMT, having fallen as much as 3.3% to their lowest since December 2018.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.45%.

Oil fell by the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the outbreak.

The number of people infected with the coronavirus has topped 107,000 across the world as the outbreak reaches more countries and causes more economic pain.

India’s blue-chip NSE Nifty 50 index has slid 9% in the past two weeks, as coronavirus cases in the country rose sharply and the central bank took control of lender Yes Bank . (Reporting by Sachin Ravikumar; Editing by Aditya Soni)

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