Mumbai, April 2: As a consequence of the COVID 19 dampening businesses across the world, Asian stocks end up negative but the dip was lesser compared to that on Wall Street.

Shares of Japanese stocks opened lower with meek declines in South Korea whereas the Sydney market lost more than 2 per cent.

The US benchmark S&P 500 stock index fell more than 4 per cent on Wednesday after the death toll increased in the US leaving investors in distress.

In the latest move, France and Spain have seen an increase in the death toll, while Italy and Germany have decided to extend the lockdown.

Market experts believe the global economy has hit a wall with a tremendous amount of uncertainty, leading to the volatility in the markets and the downward trajectory.

Meanwhile, Indian markets witnessed a marginal spike with Sensex rising 1028 points or 3.6% to close at 29,468.49 and Nifty ended 316.65 points or 3.8% higher at 8,598 on Tuesday.

The mood of the market was upbeat as factory data from China infused hope among investors of a rebound, even though the world at large is still grappling with coronavirus cases.

With the markets correcting its course, market analysts have observed that the higher premium commanded by the Indian market compared to other emerging markets has seen a decline. At the beginning of the year, the MSCI India Index traded at a premium of about 45 per cent to the MSCI Emerging Markets Index, using the one-year forward price-earnings multiple. It now trades at a 24 per cent premium.

Foreign portfolio investors (FPIs) have always been attracted to the relatively faster growth offered by the Indian economy. However, that sentiment has subdued because of covid-19 induced sell-off.