The SGX Nifty plunged over 700 points, indicating a start deep in the red for Nifty, and a possible temporary trading halt due to circuit breaker. Remember, 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.
Meanwhile, 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.
Reacting to the rapid spread of the virus, all three major US stock indexes 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 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.
The rupee yesterday slid by 56 paise to a fresh 17-month low of 74.24 against the US currency due to strong dollar demand while oil plunged almost 8 per cent overnight with Brent crude trading around $32.96 a barrel.
In another major news, India's industrial output grew by 2 per cent in January and the manufacturing sector output grew by 1.5 per cent according to the numbers released yesterday. WPI inflation for February will be released later today.
In stock-specific development, the State Bank of India yesterday said it would infuse Rs 7,250 crore into ailing YES Bank to pick up to 49 per cent equity as part of the Reserve Bank of India-mandated bailout plan.
And, in the end, here's a stock idea by Anand Rathi Shares and Stock Brokers which recommends selling Mindtree for the target of Rs 765 with stop-loss at Rs 820.
Read by: Kanishka Gupta