As the market opened after the weekend ahead of the ‘Holi’ break it fell sharply giving the market a scare. The fear related to coronavirus was a major factor behind the downfall. The market fell to over 1,800 points in the opening few hours. As per the latest inputs, it slumped by 2200 points.
This is the lowest to which the ‘Sensex’ has fallen in the last 12 months. All this comes amidst a slower economic growth and the recent ‘Yes Bank Crisis’. The global scare of coronavirus is so strong that even a dip in global oil prices failed to raise sentiments of the market.
The Sensex slumped as much as 1,536 points to 36,040 while the broader Nifty tanked 3.7% to below 10,600. The rupee kept on sliding down against the dollar slipping to a low of past 74 levels. Interestingly, the fall in oil prices was also witnessed to a record. The oil prices in the global market fell by around 30%. Highest since the start of the first Gulf War of 1991.
Moody’s Investors Service has predicted that the global spread of the coronavirus is expected to materially slow economic activity, particularly in the first half of this year.