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SGX Nifty tumbles over 800 pts; will Nifty breach 9,000 level today?

The Indian markets have already joined other global peers in "bear territory", having crashed 20 per cent from their recent peak

SI Reporter  |  New Delhi 

Singapore Exchange, sgx

Singapore's futures plunged over 800 points on Friday, indicating yet another gap-down open for the Indian stock At 8:22 AM, the was down 610 points, or 6.37 per cent, at 8,969 levels, after dipping as low as 8,708.25 levels. In comparison, the Nifty50 index closed at 9,590.15 yesterday, after an over 8 per cent fall.

If the Indian benchmark indices follow SGX Nifty's lead and extend the fall, a possible temporary trading halt due to circuit breaker will kick-in. The circuit breaker applies in three stages when the index moves at 10 per cent, 15 per cent, and 20 per cent in either direction. READ MORE ABOUT CIRCUIT BREAKER IN MARKETS

The as well as the Indian are following the rout in global amid a rapid spread of the novel coronavirus (COVID-19) and its possible ramifications on the global economy. India yesterday reported its first Coronavirus-linked death with the number of positive cases soaring to 78. Globally, over 134,670 cases have been reported worldwide with total deaths crossing 4,973.

The Indian markets have already joined other global peers in "bear territory", having crashed 20 per cent from the recent peak. Yesterday, the domestic benchmark indices slumped over 8 per cent — the most since October 2008 — as investors fretted over the virus’s economic toll. The extreme risk-aversion wiped out Rs 11.4 trillion worth of investor wealth and sent many stocks and key indices to their multi-year lows. The Nifty plunged 868 points, or 8.3 per cent, to 9,590, the lowest close since June 2017, while the Sensex dropped 2,919 points, or 8.2 per cent, to end at 32,778, the lowest close in two years.

Globally, all three major US stock indices went into a tailspin overnight, with the S&P 500 and the Nasdaq confirming their first bear market since the financial crisis. The blue-chip Dow Jones, down 9.9 per cent, suffered its worst one-day loss since October 1987's "Black Monday."

In Europe, major bourses fell by double-digit percentages for their biggest daily losses on record, led by a 17 per cent slide in Italian stocks. Stimulus efforts from the European Central Bank did little to calm nerves.

Asia's stock markets were hammered in Friday's early trade. Australia's benchmark fell as much as 7 per cent and New Zealand's index was last down more than 8 per cent. Japan's Nikkei fell 10 per cent, while in Korea the Kosdaq fell 8 per cent, triggering a 20-minute trading halt.

First Published: Fri, March 13 2020. 08:19 IST
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