Bloodbath on Dalal Street as Sensex Nosedives Around 1,500 Points, Nifty Ends at 11,200 Amid COVID-19 Impact on Global Economy
According to a Moody’s Analytics report, with the increase in new coronavirus cases beyond china, the odds of the outbreak turning into a pandemic have now doubled — from 20 percent to 40 percent.
Mumbai, February 28: Sensex plunged over 1448 points today to end at 38,297. The fall has been on the back of increasing concerns about the impact of coronavirus on the global economy. Due to the COVID-19 scare and its impact, there have been disruptions in international travel and supply chains sparked fears of a recession in the US and the Euro Zone. The rupee also fell to a six-month low of 72.27 against the US dollar today.
Nifty, on the other hand, was at 11,202, down 3.71 percent on Friday. According to reports, Rs 3.5 lakh crore investor wealth gone in seconds in the opening trades today. Over the past five sessions, the Sensex plunged over 1,550 points tracking global sentiments. Coronavirus Outbreak: India Suspends Visa on Arrival Facility For Citizens of Japan And South Korea Amid COVID-19 Fears.
Talking about the global market, overnight Dow suffered its worst-ever single-day collapse in terms of points after it's fell nearly 1,200 points. Asian markets too echoed the similar sentiments and traded in the red.
According to a Moody’s Analytics report, with the increase in new coronavirus cases beyond china, the odds of the outbreak turning into a pandemic have now doubled — from 20 percent to 40 percent. All eyes will be on the GDP numbers, which the government will announce for the December quarter later in the day.
(The above story first appeared on LatestLY on Feb 28, 2020 04:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).