Bloodbath on Dalal street continues, Sensex plunges over 3,000 points, Nifty by 900 points

The BSE Sensex plummeted over 3,000 points on Thursday tracking similar cues in the global markets after the World Health Organization (WHO) declared coronavirus as a global pandemic

All Asian indices also were trading in the red. WHO declared the disease a pandemic on Wednesday following which the Dow Jones Industrial Average also slumped significantly.

Around 14;25 pm, the Sensex at 32,617.47, down by 3079.93 points .

It opened at the intra-day high of 34,472.50 and has so far touched a low of 33,165.13 points.

The Nifty50 on the National Stock Exchange was trading at 9,534.35 , lower by 924.05 points.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

According to traders, volatility peaked in global markets after WHO's announcement describing the coronavirus outbreak as a pandemic.

Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns, they added.

Incessant foreign fund outflow also spooked market participants, traders said.

Elsewhere in Asia, bourses in Shanghai dropped over 1.34 per cent, Hong Kong 3.66 per cent, Seoul 4.29 per cent and Tokyo cracked up to 5.32 per cent.

In overnight trade, US equity benckmarks also plunged nearly 5 per cent, intensifying the global rout.

The new coronavirus that first originated in the Chinese city of Wuhan in December last year has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.

with agency inputs