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Equity benchmark Sensex plummeted over 2,100 points and the Nifty gave up the 7,900 level in the opening session on Thursday as global gloom over the COVID-19 pandemic continued to hammer equities.
The Nifty slipped below 8,500 to hit a fresh 3-year low but pared some losses to close 5.5% lower at 8,468.80. The benchmark Sensex tumbled 5.59% to 28,869.
The fall in the domestic indices was in line with the decline in Asian markets.
The indexes swung wildly after trading resumed at 0450 GMT following a 45-minute halt, before staging the third biggest intra-day recovery in Indian market history with a 16.36 per cent surge from the day's low.
The stock exchanges on Friday halted trading for 45 minutes as Sensex, Nifty hit lower circuit limits.
After nosediving over 3,204.30 points on across-the-board selling, the 30-share BSE Sensex closed 2,919.26 points or 8.18 per cent lower at 32,778.14.
Monday's rout comes after bruising two weeks during which India's NSE Nifty 50 index has shed 9 per cent on coronavirus fears and an ongoing turmoil at Yes Bank, one of the country's largest lenders.
The Reserve Bank of India said late on Thursday it had taken over the Mumbai-based bank's board for 30 days and imposed limits on withdrawals, due to a serious deterioration in the fifth-largest private sector lender's financial position.
Financial markets have been experiencing considerable volatility, with the spread of the coronavirus triggering risk-off sentiments and flights to safe haven.
Sector-wise, BSE metal, oil and gas, basic materials, utilities, energy and telecom indices fell up to 2.05 per cent, while IT and teck indices ended in the green.