Coronavirus Panic: Bloodbath In Stock Markets As Sensex Crashes 3000 Points

While the Sensex bled 3,000 points, the NSE Nifty also took a sharp 10% falling to a 3-year low. Trading was halted for 45 minutes with the indices hitting the lower circuit.

Pedestrians look up at an electronic screen and a digital ticker board at the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, Feb. 3, 2020. Indian Prime Minister Narendra Modis government plans to allow foreign investors greater access to short-term and long-term government securities in a bid to tap money being poured into passive funds operated by firms such as BlackRock Inc. Photographer: Dhiraj Singh/Bloomberg via Getty Images

Indian equity markets witnessed yet another blood bath on Friday with both the BSE and NSE nosediving in the opening trade with an intense selling pressure from both investors and traders amid the coronavirus outbreak. While the Sensex bled 3,000 points, the NSE Nifty also took a massive 10% plunge, falling to a 3-year low. Trading was halted for 45 minutes with the indices hitting the lower circuit. All the 30 Sensex stocks were trading in red. Maruti was the Sensex loser, down 13 per cent, followed by HCL Tech, ONGC, SBI. All the Nifty sectoral losers were deep in red with Nifty PSU Bank index down 12 per cent dragged by Bank of Baroda, Indian Bank and Canara Bank. Similarly, Nifty Metal index slipped nearly 11 per cent weighed by Voal India, Hindustan Zinc and NMDC. 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 ended in the red 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 exchanges  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 also opened in the red 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 NSE stock futures listed on Singapore Exchange slipped to a more than two-year low, sliding 6.3% by 0241 GMT. Japan's Nikkei was in free fall, dropping 10% and heading for its worst week since the 2008 financial crisis, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 2%. The selloff gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts. Concerns over the virus have hammered financial markets and disrupted businesses globally as countries around the world grapple with how to contain the outbreak and its economic impact. Indian stock markets plunged into bear territory on Thursday with the NSE Nifty 50 index plunging 8.3% to its lowest close in 2-1/2 years, and the S&P BSE Sensex sliding about 8% to a near two-year low.