Sensex Crashes 1,700 Points, Ends Below 29K, Nifty Breaches 8,560 Mark Amid COVID-19 Pandemic Fears
Talking about the global market, the US central bank's announcement to purchase short-term corporate debt, while the Trump administration's $850 billion stimulus package proposal lifted the Dow Jones 5.2 per cent higher on Tuesday.
Mumbai, March 18: Sensex has extended its losses and have slipped more than 1,000 points at noon during the trading session. Sensex crashed 1,709 points (5.5 percent) to end at 28,869. Nifty, on the other hand, closed at 8,541, down 425 points (4.75 percent). The Indian markets after opening in the green pared all their gains within the first hour of trading on Wednesday. The Indian markets were trading lower, dragged down by banks despite a rebound in global stocks.
Talking about the global market, the US central bank's announcement to purchase short-term corporate debt, while the Trump administration's $850 billion stimulus package proposal lifted the Dow Jones 5.2 per cent higher on Tuesday. The S&P 500 and the Nasdaq Composite, too, gained 6 per cent and 6.23 per cent, respectively. S&P Lowers India's Growth Forecast to 5.2% For 2020, Says 'Global Economy is Entering Recession Amid COVID-19 Pandemic'.
S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar.
(The above story first appeared on LatestLY on Mar 18, 2020 04:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).