Nifty Drops Below 10,000 For First Time Since March 2018

Sensex down

Mumbai, March 13: The BSE Sensex plummeted over 1,700 points on Thursday tracking similar cues in the global markets after the World Health Organization (WHO) declared coronavirus as a global pandemic. Domestic stock markets suffered sharp losses on Thursday, with the Nifty 50 benchmark index slipping below the 10,000 mark for the first time in two years.

The domestic markets plummeted following a selloff in global markets after the US announced a temporary travel ban from Europe in order to fight the spread of the coronavirus pandemic.

All Asian indices also were trading in the red. WHO declared the disease a pandemic on Wednesday following which the Dow Jones Industrial Average also slumped significantly.

At 9.27 a.m., the Sensex was trading at 33,943.02, lower by 1754.38 or 4.91 per cent from its previous close of 35,697.40

It opened at the intra-day high of 34,472.50 and has so far touched a low of 33,876.13 points.

The Nifty50 on the National Stock Exchange was trading at 9,938.80, lower by 519.60 points or 4.97 per cent from its previous close.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

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