MARKETS: Sensex slumps 2,919 pts, Nifty at 33-mth low in biggest 1-day fall

Indian equity markets went on a free-fall on Thursday as investors pressed and held the 'sell' button after the World Health Organisation declared the novel coronavirus outbreak a "pandemic" and the United States suspended travel from Europe. The carnage on the Dalal Street today eroded investor wealth worth Rs 10.9 trillion. Overall, the Indian headline indices Sensex and Nifty both slipped over 9 per cent each in intra-day and posted their biggest one-day fall in absolute terms. READ MORE

The S&P BSE Sensex which ended the session 2,919 points lower at two-year low level of 32,778 dropped as low as 32,493.10. Index-heavyweights HDFC Bank (down 9%), Reliance Industries, and HDFC (down over 7%) contributed the most to the Sensex's fall. Besides, State Bank of India, Axis Bank, ITC, and ONGC all slid over 13 per cent each.

The broader Nifty50 index opened below the psychological level of 10,000 for the first time since March 26, 2018 and slid as low as 9,508 levels. The index closed the day at 32-month low level of 9,633, down 825 points, or 7.89 per cent. The index has now entered bear market after falling over 20 per cent from the recent high. All the Nifty sectoral indices hit their 52-week lows during the session. Nifty PSU Bank index, down over 13 per cent, bled the most.

The volitality index, India VIX, surged 35 per cent to hit a 12-year high of 42.32 levels.

In the broader market, the S&P BSE MidCap index slumped over 1,100 points intra-day, ending the session 7.7 per cent lower at 12,380.36 while the Nifty Smallcap index slipped over 9 per cent 

GLOBAL MARKETS

Global stocks plunged into a bear market and oil slumped on Thursday after US President Donald Trump banned travel from Europe to stem the coronavirus, threatening more disruption to the world economy.

European shares plummeted to their lowest in almost four years, with the benchmark STOXX 600 index falling 4.9 per cent in early deals.