Sensex recovered by over 3,100 points while Nifty gained close to 1,000 from day's low as market reopened following a 45-minute halt. (Representational image)
Sensex recovered by over 4,400 points while Nifty gained close to 1,500 till mid-session after day's low when it crashed to over 3,000 points to 30,229.20 and Nifty plunged by 960 to 8,860.20 in the opening session on Friday. For the third consecutive day, markets opened in losses amid a worldwide coronavirus scare and its impact on the global economy.
Trading in Sensex, NIFTY was stopped for 45 minutes due to lower circuit limit after the market fell over 10% in the initial trade.
After re-opening, Sensex plummeted further to 3,389 points and the broader Nifty sinking below 8,600 level. Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session.
Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.
Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after resumption of trade.
Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.
Stock markets worldwide are facing the impact of coronavirus as they continue to witness a slow start. On Thursday, US stocks market entered the bear zone as the major indices Dow Jones Industrial Average and S&P500 slumped over 7 per cent, following which trading in the indices stopped for 15 minutes.
The level-1 circuit breaker has been triggered in the US market for the second time in a week. Dow Jones is currently at 21,856.91, lower 1,696.31 points, 7.20 per cent from its previous close. S&P500 slumped to 2,549.05, lower by 192.33 points or 7.02 per cent. A bear market is a condition when a security price falls 20 per cent or more from its recent highs.
The World Health Organization called the new coronavirus outbreak a pandemic, issuing a grim warning that the global spread and severity of the illness was due to "alarming levels of inaction". The slump continued in the global markets after a similar trend on Wednesday after the WHO declared coronavirus as a global pandemic.
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