Sensex, Nifty Recover Most Of Day's Losses Amid Volatility, Virus Fear

Sensex, Nifty Recover Most Of Day's Losses Amid Volatility, Virus Fear
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  1. The lower circuit in the Indian markets was triggered for the first time since the 2008 global financial crisis, and the trading resumed at 10:20 am. The next circuit breaker limit for the benchmark indices is at 15 per cent. A circuit breaker is meant to protect investors from a sudden tailspin in the markets. 
  2. At 11:02 am, the Sensex traded 325.03 points - or 0.99 per cent - lower at 32,453.11 while the Nifty was at 9,422.60, down 167.55 points - or 1.75 per cent - from its previous close. The session was marked with high volatility, with the India VIX index up 43.94 per to as high as 59.25 per cent. 
  3. All the 11 sectors on the NSE, except the Nifty Pharma, traded lower at the time. Banking, automobile and IT stocks were the worst hit, with the Nifty Bank, Auto and IT indices down 1.03 per cent, 2.22 per cent and 4.58 per cent respectively. 
  4. By mid-morning,15 stocks in the Nifty basket of 50 shares had turned positive. Top percentage gainers in the index were Sun Pharma, Eicher Motors, UltraTech Cement, NTPC and Yes Bank, up between 1.20 per cent and 5.21 per cent. On the other hand, top Nifty losers were UPL, IndusInd Bank, Adani ports, GAIL, ONGC, Wipro and Tech Mahindra, down between 6.44 per cent and 10.13 per cent each.
  5. TCS, Reliance Industries and Asian Paints were the biggest drags on the Sensex, whereas HDFC, ICICI Bank and Sun Pharma provided the most support. Investors continued to panic over the impact of the fast-spreading coronavirus outbreak on global growth, say analysts. Investors worry whether the stimulus steps can quickly turn around the global economy as concerns grew that the number of infections could quickly snowball in many countries. 
  6. The rupee dropped to a record low of 74.50, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens.
  7. Equities in other Asian markets went into a free-fall, with Japan's Nikkei 225 index dropping 10 per cent, and heading for its worst week since the 2008 global financial crisis. MSCI's broadest index of Asia-Pacific shares outside Japan fell 2 per cent.
  8. Analysts say that global economy is likely to bear the brunt of the coronavirus pandemic as the number of cases soars and policymakers scramble to shield major economies from the outbreak. 
  9. The selloff gathered pace after US President Donald Trump's announcement to ban travel from Europe spooked investors, 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.
  10. More than 1,00,000 people have been infected by the virus around the globe. Late on Thursday, India reported its first death due to the virus.
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