Coronavirus cause bleeding across stock markets

Following the global cues, Indian stock markets took a nose-dive with Sensex falling over 1100 points and investors losing over Rs 5 lakh crore on Friday, amid growing concerns about coronavirus impact on the economy.

Indian markets lost for the sixth day. In the past five sessions, the Sensex had plunged over 1,550 points. The Nifty breached 11,300 level today. All heavyweights lost on the day when the India Volatile Index, commonly referred to as fear gauge, increased 15% today, indicating the nervousness among investors.

Asian markets plunged again today, tracking a collapse on Wall Street overnight. Equities in Japan tanked 3.5% while China markets slumped 2.5%. Overnight, the Dow suffered its worst-ever single day collapse in terms of points after its fell nearly 1,200 points. The US stock market has fallen into a correction territory with the benchmark S&P 500 down about 10% off of its closing peak on February 19.

The sweeping selloff pushed the benchmark S&P 500 down 4.4 per cent, its worst one-day drop since 2011. The Dow Jones Industrial Average tumbled nearly 1,200 points. The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago. That puts the index in what market watchers call a “correction,” which some analysts have said was long overdue in this bull market, the longest in history.

 

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