Market rebounds sharply after halt; Sensex pares losses

Indian equities rebounded heavily after trading was suspended for an hour for the first time in the past 12 years and were trading in green.

The 30-share Benchmark of BSE – Sensex – pared its losses by over 3,500 points and was trading at 33,295, up just 517 points (1.58%).

Similarly, broader index NSE Nifty was up 60 points (0.60%) at 9,651 as domestic investors saw it as a huge opportunity to accumulate their portfolios.

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Earlier, all trading was halted in Indian markets for 45 minutes on 50-share Nifty50 as it crashed by over 10% in within the first five minutes trade

The broader index – 50-share NSE Nifty – collapsed by 10.07% in just five minutes of the trade – which put in place the circuit breaker. Before halt, the Nifty was trading at 8,624, down 966 points (10.07%).

At the time of the circuit breaker, the 30-share index of BSE – Sensex – had plunged by 3,090.62 points (9.43%) at 29,687.52 – below the psychological 30,000-mark.

In the second pre-open, the sell-off continued as Sensex was trading with losses of over 3,500 points.

Other far eastern markets are witnessing a bloodbath, as Nikkei 225 has collapsed over 4% after Dow 30 crashed 10% yesterday over fears that Washington’s response to Coronavirus will not be adequate.