Indian shares nosedive as WHO declares coronavirus a pandemic

Record ID: 1463481

  • Title: Indian shares nosedive as WHO declares coronavirus a pandemic
  • Date: 12th March 2020
  • Summary: SHAH LOOKING ON
  • Embargoed: 26th March 2020 05:11
  • Keywords: India Sensex coronavirus disease health market stocks
  • Location: MUMBAI, MAHARASHTRA, INDIA
  • City: MUMBAI, MAHARASHTRA, INDIA
  • Country: India
  • Topics: Economic Events
  • Reuters ID: LVA003C4QWPQN
  • Aspect Ratio: 16:9
  • Story Text: The Indian stock market entered bear territory and the blue-chip Nifty 50 slipped below the 10,000 mark for the first time in two years on Thursday (March 12), as the coronavirus outbreak was declared a pandemic and the United States suspended travel from Europe.
    The NSE Nifty 50 index slid 5.2% to 9,916.55 in early trading, while the benchmark S&P BSE Sensex dropped 5.1% to 33,876.13.
    The Nifty 50 briefly entered bear territory on Thursday - a 20% fall from its most recent peak in January.
    The rupee weakened as much as 0.8% to 74.35 against the dollar, its weakest level since October 2018, while the benchmark 10-year bond yield ticked up to 6.15%.
    U.S. President Donald Trump stunned markets as he announced the suspension of all travel to the United States from Europe, except from the United Kingdom, for 30 days starting Friday in an effort to contain the spread of the virus.
    Stock markets around the world crumbled after Trump's move, with U.S. stock index futures diving 4.7% and MSCI's broadest index of Asia-Pacific shares outside Japan tumbling 4.1% to its lowest level since early 2019.
    India said on Wednesday (March 11) it will suspend a vast majority of visas to the country to contain the virus, as cases across the region continued to rise.
    The WHO declared the new coronavirus as a pandemic for the first time on Wednesday, adding that Italy and Iran were now on the frontline of the disease and other countries would soon join them.
    All stocks on the blue-chip indexes in Mumbai were trading in the red, dragged down most by large-cap energy and financial shares.
  • Copyright Holder: ANI (India)
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