Mumbai, April 16 The Indian equity market pared major losses to trade on a flat-to-negative note, as weakness continued across global stock markets.
The BSE Sensex fell over 300 points during the initial trade to touch an intra-day low of 30,016.17 points.
Around 11.05 a.m., it was trading at 30,311.57, lower by 68.24 points or 0.22 per cent from its previous close of 30,379.81
It had opened at 30,095.51 and has so far touched an intra-day high of 30,473.84 points.
The Nifty50 on the National Stock Exchange (NSE) was trading at 8,919.45, lower by 5.85 points or 0.07 per cent from its previous close.
The investor sentiments have been weak off late due to the near standstill in the economy on the back of the coronavirus crisis and the nationwide lockdown. Further, bleak outlook of both global and Indian economy has also weighed on the investor sentiments.
International Monetary Fund’s World Economic Outlook (WEO) report recently released by Chief Economist Gita Gopinath expects presents a dark picture of the world with the global economy shrinking by 3 per cent this year.
Also, with the extension of the nationwide lockdown till May 3, a Barclays report has projected that India’s GDP will stagnate and not grow at all during the calendar year 2020.