Nifty rebounds 400 pts as trading restarts after hitting lower circuit

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Nifty rebounds 400 pts as trading restarts after hitting lower circuit

  • Indian stock markets hit circuit breakers as markets continued to witness panic over global sell off.

  • The BSE Sensex was down by almost 10% from its previous close, during the morning trade.

  • Nifty50 shed 966 points in the morning trade and stood at 8,624.05.
Indian equity markets rebounded after trading resumed around 10:15 am. The BSE Sensex was at 32,351 points up from 29,194, while the Nifty recovered over 400 points and stood at 9,503 levels.

Trading was halted in Indian stock markets for 45 minutes as the BSE Sensex plunged over 3,100.90 points or almost 10% from its previous close on Friday (March 13), within minutes of opening today. Nifty50 was also down by 966 points or almost 10% and stood at 8,624.05.

This was the first ever circuit breaker in the last 12 years. Trading will resume again at 10:20 am. This selloff could be an effect of Dow which went down by massive 2,352.60 points yesterday or around 10%.

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The 30-stock index had its biggest one-day percentage drop since the 1987 Black Monday market crash when it collapsed by more than 22 per cent. Countries across the world are imposing travel restrictions, fuelling fears of a global economic recession, analysts told IANS.

The S&P 500 was down by 260.74 points, or 9.51%, to end at 2,480.64. The Nasdaq Composite Index shed 750.25 points, or 9.43%, to 7,201.80.

The S&P 500 declined 7 per cent shortly after Thursday's opening bell, triggering a key circuit breaker that halted trading for 15 minutes. It was Wall Street's second 15-minute halt, this week.

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Global markets reeled last night after the World Health Organization (WHO) termed the coronavirus outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction".

India suspended all its visas and sealed its borders for international arrivals. US President Donald Trump also suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus.

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