Published 09:54 IST, March 13th 2020
Sensex and Nifty plunge as markets open at a 3-year low, trading halted for 45 minutes
Amidst the increasing panic due to the soaring number of cases of Coronavirus, markets are set for another day of mayhem after indices opened at a 3-year low.
- Economy News
- 2 min read
Amidst the increasing panic due to the soaring number of cases of Coronavirus in the country, the markets are set for another day of mayhem after the indices opened at a 3-year low. The Sensex tanked 2,548.94 pts to 30,229.20 in the opening session while the Nifty plunged 729.95 pts to below 9000, the first time since 2017.
Following the blood bath at Dalal Street with markets hitting the lower circuit limit, trading has been halted for 45 minutes and is set to resume after 10 am. The pre-auction call will be resumed from 10.05 am onwards and normal trading is said to begin from 10.20 am.
Sensex hits 10-year low amid Coronavirus outbreak
On Monday, March 9, the domestic stock markets fell by more than 6%. The BSE Sensex index plummeted as much as 2,366.26 points to hit 35,210.36 during the session and the NSE Nifty index slumped to as low as 10,327.05, down 662.4 points from the previous close.
Since the outbreak of the Coronavirus in the Chinese province of Wuhan, global markets have been severely hit with the standstill in trade. Analysts have stated that there is heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus and sinking crude prices with them intending to sell-off.
As per the latest figures, at least 74 confirmed cases of COVID19 have been reported pan-India. Several core sectors like led by financial, metal and energy stocks have been hit particularly - Reliance Industries shares have slumped by 11% - its worst single-day fall in at least 10 years.
The fear of the virus has disrupted business supply chains globally. Last week Moody’s estimated that coronavirus has increased the risk of a global recession as advanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle the virus. First detected in Wuhan in December 2019, COVID-19- the novel Coronavirus has affected nearly 118 countries in the world. Presently, there are over 1,24,518 confirmed cases of COVID-19 which has led to the death of atleast 4,607 people.
Updated 10:53 IST, March 13th 2020