Market ends weak amid selling across sectors
At close, the Sensex was down 820.97 points or 1.03% at 78,675.18, and the Nifty was down 257.80 points or 1.07% at 23,883.50.
Domestic markets joined global peers on Thursday by slipping into bear market after the World Health Organization (WHO) declared coronavirus as a global pandemic. The markets suffered their biggest fall with the BSE Sensex fell over 3,100 points to trade below the 33,000-mark.
Similar crash was witnessed in all Asian indices which also were trading in the red. WHO declared the disease a pandemic on Wednesday following which the Dow Jones Industrial Average also slumped significantly.
At 2.40 p.m., the index was trading at 32,537.45, lower by 3,159.95 points or 8.85 per cent from the previous close. So far it has touched an intra-day low of 32,530.05 points.
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The Nifty50 on the National Stock Exchange also lost nearly 900 points so far. It was trading at 9,575.05, lower by 883.35 points or 8.45 per cent from its previous close.
The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.
Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.
Further, following the route in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel. The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.
COVID-19 has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.
(With input from agencies)
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