Registering the biggest ever recovery in the Indian stock markets, the Sensex and Nifty rose over 3 percent on Friday afternoon. At 1 p.m., the Sensex was trading 1,135.10 points or 3.46 percent higher at 33,913.24 from its previous close of 32,778.14. It recovered over 4,500 points from its day’s low to touch an intra-day high of 33,917.47. It had touched the intra-day low of 29,388.97 during the initial trade. The Nifty50 on the National Stock Exchange was trading at 9,890, higher by 299.85 points or 3.13 percent from its previous close.
According to analysts, investors are carrying on lower level buying, which has supported the stocks. The markets have gained as the trade resumed around 10.20 a.m. after a 45 minutes halt as both the indices touched their 10 percent lower circuit during the initial trade. Sensex fell over 3,000 points to trade at below the 30,000 marks. It was at 29,687.52, lower by 3,090.62 points or 9.43 percent when trade was halted. Nifty50 touched the lower circuit of 10 percent and was at 8,624.05 points much below the psychological mark of 9,000 points when trade was shut temporarily.
The domestic exchanges are in line with the Asian markets which are also trading in the red. On Thursday, the US indices, Dow Jones Industrial Average and S&P500 hit the lower circuit of 7 percent. The Indian stock market entered the bear zone on Thursday as the indices fell over 22 percent from their all-time highs. The concerns of the coronavirus outbreak severely impairing the global economy have only risen after the World Health Organization on Wednesday declared the disease as a global pandemic. India recorded its first death due to the infection on Thursday evening.
IANS
