Market Carnage: Nifty Sees Worst Fall Since Oct 2012, Sensex Dives 2600 Pts

After a small respite on Wednesday, global and Indian markets were back to losing ways, with the Sensex diving a huge 2,550 points, taking it near the 33,000 points mark. The Nifty was down a staggering 770 points, below the 9,700 points mark at 9,699 points, making it one of the wrst falls in absolute terms. Today's fall means the Nifty has dropped more than 21 per cent from peak levels, which is often seen as signs of a bear market.

This the worst level for the S&P CNX Nifty since Oct 2012, thanks to surging infections caused by the coronavirus globally.

Market Carnage

Across Asia, there were deep cuts in the stock markets, as over 119,400 confirmed cases of Coronavirus have been reported among which over 4,300 people have succumbed to the virus.

The Japanese Nikkei was down 5 per cent, while the ASX 200 was almost down more than 5 per cent, as the Coronavirus has started to disrupt trade, travel and is likely to almost certainly cause a recession around the globe. To compound worries, the World Health Organization has now characterized the coronavirus, as a "pandemic".

Almost all of the Nifty stocks were trading in the red. All of the bluechip stocks fell in trade led by Reliance Industries and HDFC Bank. IndusInd Bank was the most badly battered stock, down almost 10 per cent in trade.

US President Donald Trump's did address the nation, but, some of the sops left investors disappointed. In fact, the President has banned travel from Europe, except from the UK, which is also likely to hit trade.

Meanwhile, the rupee plunged 60 paise to hit a low of 74.34 during the session.

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