Market sees the biggest intra-day recovery ever; Sensex zooms about 4,000 points, Nifty up 1,200 points from opening lows

The blue-chip NSE Nifty 50 index was last down 10.07% at 8,624.05 at 0351 GMT, a more than three-year low. Trading was scheduled to resume after 45 minutes.

FP Staff March 13, 2020 10:05:37 IST
Market sees the biggest intra-day recovery ever; Sensex zooms about 4,000 points, Nifty up 1,200 points from opening lows

The equity indices made a sharp recovery from the opening mayhem and Sensex gained about 4,000 points while the broader Nifty jumped 1,200 points from the opening lows on Friday.

Sensex jumped over 500 points while Nifty regained 9,700-mark at around 11 AM.

Sensex zoomed 509.37 points or 1.55 percent at 33,287.51 while Nifty surges 119.60 points or 1.25 percent at 9,709.75.

Earlier, the domestic stock trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level.

Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session.

Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after resumption of trade.

Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.

The Indian rupee fell by another 16 paise to 74.44 against the US dollar on Friday as financial markets around the globe continued to feel jitters of coronavirus pandemic. A day earlier, the Indian currency had tumbled by 60 paise to close at a new 17-month low of 74.28 amid coronavirus pandemic fanning global economic recession fears.

Meanwhile, the global crude oil benchmark Brent Futures fell 0.87 per cent to trade at USD 32.93 per barrel.

Stock market halt trading

The stock markets halted trading for the first time in 12 years, with markets plunging to a three-year low on Friday, triggering a trading halt for the first time since 2009, as panic over the fast-spreading coronavirus sent world markets crashing amid fears of a global recession.

Trading in India’s main Nifty 50 stock index was halted early on Friday after it fell 10 percent and hit a “circuit-breaker”, as investors continued to panic over the impact of the fast-spreading coronavirus outbreak on global growth.

The blue-chip NSE Nifty 50 index was last down 10.07% at 8,624.05 at 0351 GMT, a more than three-year low. Trading was scheduled to resume after 45 minutes.

Sensex plummeted over 3,200 points and the broader Nifty sank near 8,600 level, hitting their lower circuit limits, in the opening session on Friday as coronavirus pandemic-led recession fears fuelled worldwide panic.

Manic selling across the globe rendered stocks at multi-year lows.

Continuing its downward spiral, domestic BSE Sensex sank 3,213 points in early trade, plummeting 10.86 percent to 29,564.58, which triggered the lower circuit limit. Similarly, the NSE Nifty cracked 966.10 points, or 10.07 percent, to 8,624.05.

In the previous session, the 30-share BSE barometer settled 2,919.26 points or 8.18 percent lower at 32,778.14, and the broader Nifty slumped 868.25 points or 8.30 percent to close at 9,590.15.

All Sensex components were in the red. HCL Tech was the top loser, tanking up to 15 per cent, followed by Tech Mahindra, Kotak Bank, TCS, IndusInd Bank, Axis Bank and NTPC.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

According to traders, volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Wall Street lost 10 percent in its worst session since 1987, while London also had its worst day since that year.

Frankfurt had its blackest day since 1989, the year the Berlin Wall fell, while Paris suffered its worst one-day loss on record.

Besides selloff in global equities, choppiness in international oil prices and depreciating rupee added to investor concerns, they added.

Brent crude oil futures dropped 0.90 percent to $32.92 per barrel.

Further, incessant foreign fund outflow also spooked market participants, traders said.

Elsewhere in Asia, bourses in Shanghai dropped over 3.32 percent, Hong Kong 5.61 percent, Seoul 7.58 percent and Tokyo cracked up to 7.97 percent.

More than 130,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry log.

--With inputs from agencies

Updated Date:

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