Stock Markets Nosedive Amid Coronavirus; Sensex Sheds 2400 Points; Nifty Below 9800

Economy

Markets are having another black day after they opened on Thursday, Sensex tumbled down to 33,844.18, down by 1,853.22 pts, while Nifty dropped down to 9,916.00

Written By Pritesh Kamath | Mumbai | Updated On:
Sensex

The recovery of domestic markets on March 11 seemed shortlived as markets are having another black day after they opened on Thursday. Sensex tumbled down to 33,844.18, down by 1,853.22 points (5.19%), while Nifty dropped down to 9,916.00, a drop of 542.40 points (5.19%) all within an hour after days opening. At the time of publishing, it's dropped further, by a total of 2400 points, while Nifty has dropped below 9800.

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After the Black Monday on March 9, the day on which Sensex closed down by 1,941.67 points or 5.17% at 35,634.95 while Nifty was down 538.00 points or 4.90% at 10451.50, markets seemed to be recovering on March 11 when after surging 308 points in highly volatile trade, the Sensex was up 72.14 points at 35,707.09, and the NSE Nifty rose 22.20 points to 10,473.65 at days closing on March 11.

On Monday, March 9, the domestic stock markets fell to a 10-year single day low, 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.

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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. Several core sectors like led by financial, metal and energy stocks have been hit.

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The fear of the virus has disrupted business supply chains, while the number of positive cases has hit 107,000 across the world. 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. Analysts have said that as China is the largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' trade have been brought to a standstill due to China closing off its borders.

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