Mumbai:
The Indian equity markets recovered, the biggest-ever intra-day, after hitting 10 per cent lower circuit on Friday.
The S&P BSE Sensex,after hitting the intra-day low of 29,388, was trading around the 34,480 levels, up 1,802 points, The broader Nity50 index reclaimed the 10,000 level, up 480 points, after a sharp rebound from the low level of 8,555, when it was locked in 10 per cent lower circuit and trading halted for 45 minutes
Earlier soon after market opened up for trading in the moening, the Nifty50 index hit a 10 per cent lower circuit on Friday, bringing trading to a halt for 45 minutes as sell-off worsened in the Indian markets. Sensex tumbled over 3000 points, or 9.43 per cent, at 29,690 levels. The markets will open for pre-open at 10:05 AM.
In Sensex, index heavyweights Kotak Mahindra Bank and Tata Consultancy Services tumbled over 14 per cent each. Reliance was down 10 per cent and the HDFC twins fell over 5 per cent each.
Indian shares were set for another sharp fall on Friday, as global markets continued to reel under the impact of the fast-spreading coronavirus outbreak, which threatens to disrupt global growth.
The NSE stock futures listed on Singapore Exchange slipped to a more than two-year low, sliding 6.3% by 0241 GMT.
Japan’s Nikkei was in free fall, dropping 10% and heading for its worst week since the 2008 financial crisis, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2%.
The selloff gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts.
Concerns over the virus have hammered financial markets and disrupted businesses globally as countries around the world grapple with how to contain the outbreak and its economic impact.
Indian stock markets plunged into bear territory on Thursday with the NSE Nifty 50 index plunging 8.3% to its lowest close in 2-1/2 years, and the S&P BSE Sensex sliding about 8% to a near two-year low.
Late on Thursday, India reported its first death due to the virus.