Domestic markets nosedived deeper into bear territory after WHO declared Coronavirus outbreak a pandemic
indian markets on thursday went through a meltdown as Sensex is set for its biggest decline since 2008 while Nifty has fallen below 9,600 for the first time since July 2017. Domestic markets nosedived deeper into bear territory after the World health Organisation declared the coronavirus (Covid-19) outbreak a pandemic.
At around 14:50 pm, Sensex was trading lower by almost 3,000 points and has fallen below 33,000 points. Nifty, too, has descended sharply to fall below 9,600 points. This is one of the biggest stock market scares india has witnessed in a long time. Besides the benchmarks, all sectoral indices were trading in red as investors brace for more impact from the virus outbreak. There was absolute carnage on Dalal Street since morning as a large share of investor wealth was wiped off the stock markets.
Today's freefall in the domestic stock market was in line with global markets as US benchmark Daw Jones and other european stocks fell sharply on fears of rising cases worldwide. Asian stocks have also been bearish due to increased volatility stemming from the outbreak.Some of the biggest losers in today's trading session were due to hdfc bank, reliance industries, hdfc, ICICI bank and ITC. Shares of aviation and tourism companies also plunged after india temporarily suspended all tourist visas till april 15. The united states has also suspended all travel to europe till the spread of the virus reduces. india has reported a total of 73 confirmed cases and the government is taking precautionary measures to prevent further spread of the deadly virus. Meanwhile, global infections have gone up to almost 1,20,000 while the death toll has crossed 4,500. No deaths have been reported in india yet.