The bloodbath in the domestic market continued on Friday, as trading was put to halt for 45 minutes in some times after opening. The BSE Sensex crashed 3,000 points, while the NSE Nifty nosedived to a three years low of 8,800 for the first time since February 2017. Share markets will resume trading at 10.20 am.
The index is currently at 29,687.52, lower by 3,090.62 points or 9.43 per cent from the previous close of 32,778.14. It touched a low of 29,564.58 points so far.
Nifty50 on the NSE is at 8,624.05, lower by 966.10 points or 10.07 per cent from its previous close.
The Indian stock market entered the bear zone on Thursday as the indices fell over 22 per cent from their all-time highs. the BSE Sensex registered its biggest single-day fall of over 2,900 points. The Sensex closed at 32,778.14, lower by 2,919.26 or 8.18 per cent from its previous close of 35,697.40. The Nifty50 on the National Stock Exchange (NSE) closed 868.25 points or 8.30 per cent lower at 9,590.15.
Meanwhile, the global markets continued to be under threat of the spread of Coronavirus, impacting the world economy. The epidemic has raised fears of a global recession with uncertainties over the proportions of the economic fallout, as countries around the world grapple with how to contain the outbreak.
US stocks market entered the bear zone on Thursday as the major indices Dow Jones Industrial Average and S&P 500 slumped over 7 per cent, following which trading in the indices stopped for 15 minutes.
The sell off was an outcome of US President Donald Trump’s announcement that travel from Europe will be suspended for 30 days as part of his government’s response to the Coronavirus outbreak.
European Central Bank also held back rate cuts further impacting the economy.
Asian equities tanked today, extending a global rout that saw markets experience their worst day in decades as fears of a worldwide recession caused by the Coronavirus pandemic wiped trillions off valuations.
Japan’s Nikkei dropped by 10% and looking at the worst performance since 2008 financial crisis, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2%.
Markets have also been shaken by an oil price war between Saudi Arabia and Russia, compounded by fears that travel restrictions will further dampen energy demand.
Late on Thursday, India reported its first death due to the Coronavirus.