The worst is not over for Indian stock markets which again collapsed today as on 13th March Friday as soon as trading started on Dalal Street.
As the spread of coronavirus petrified investors, benchmark equity indices Sensex and Nifty plunged sharply.
By 9:30 am, trading activity had already been stopped for at least 45 minutes as the Nifty hit lower circuit of 10 percent amid massive global sell-off. Trading resumed again at 10:20 am, but there was no improvement.
Sensex fell by 3,090 points or 9.43 percent at 29,687.52 while Nifty breached the 10 percent lower circuit to fall below 8,700. The development comes at a time when the coronavirus pandemic has kept investors around the world on edge.
When trading resumed at 10:05 am, Sensex declined by over 3,500 points while Nifty fell over 1,000 points or over 11 percent.
The domestic share markets in India have had one of the worst weeks in history as there has been no improvement in global markets, which have been registered massive falls over consecutive trading sessions.
Experts predict volatility to continue in both domestic and international stock markets as the economic impact of the virus.
SBI and Tech Mahindra was the top loser on Sensex, cracking up to 15 percent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.
The rupee slipped 16 paise to 74.44 against the US dollar in early trade as coronavirus panic worsens.
Global stock markets crashed on Friday, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide.
Half a trillion dollars in liquidity from the US Federal Reserve and the promise of more were not enough to calm the fear that has wiped some $14 trillion from world stocks in a month.
Closed After Highly Volatile Trading Session at:
Sensex closed 1,325 pts, or 4.04 percent, higher at 34,103 and the Nifty50 index a tad above 10,000 level at 10,023.65, up 433 points, or 4.54 percent. The rebound was led by index heavyweights like HDFC which ended 10 percent higher and State Bank of India which zoomed 14 percent. Reliance Industries was also up over 5 percent. In the end, 27 out of the 30 Sensex constituents ended the session in green.