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Benchmark Indices recover after sell-off, Sensex down 700 points, Nifty back at 9,400

Trading halted for 45 mins as the Nifty 50 index fell 10 per cent & hit a “circuit-breaker, as investors continued to panic over the impact of coronavirus.

Mumbai| Benchmark indices Sensex and Nifty recovered after major free-fall on Friday as trading resumed after one hour halt, with mild recovery registered in sector-based indices.

Earlier, Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits.

The S&P BSE Sensex was hovering a little over 1000 points down at 31,670 levels while the Nifty was up over 400 points from intra-day lows at 9,100 levels, down 495 points, or 5.16 per cent.

Stock markets around the world witnessed the massacre of a different kind beginning Wednesday evening, as massive destruction of investor wealth eroded confidence and sent stocks tumbling in the worst one-day show since the 2008 global financial crisis.

Oil fell a third day as the horror show for crude investors continued on Friday amid panic about evaporating demand from the coronavirus pandemic, with Brent set for its biggest weekly loss since 1991 and US crude heading for its worst week since 2008.

India and other Asian markets followed on Thursday morning, with local stocks tipping into bear territory after logging the worst fall in terms of points. The Sensex and Nifty have fallen over 21 per cent from all-time highs. The indices posted their worst performance in percentage terms since 2008 on Thursday.

Also Read: Sensex vaults 623 points to a lifetime high on Modi euphoria

Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. It has now reached almost 127 countries, causing around 4,630 deaths, with the number of infected cases rising to 126,136.

The coronavirus cases in India rose to 74 on Thursday after 14 fresh cases were reported from several states, including nine from Maharashtra, Union health ministry said.

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