Trading on the National Stock Exchange and Bombay Stock Exchange was halted in early trade on Friday as both the NSE and Sensex nosedived amid panic in global markets over the novel coronavirus (COVID-19) outbreak. The Sensex plunged 3,090.62 points to 29,687.52 in opening trade while the Nifty fell 966.1 points to 8,624.05 points.
Trading on the NSE was halted for 45 minutes as it hit the lower circuit breaker. Circuit breakers come into effect when price fluctuations fall beyond a threshold value; trading is halted for both indices. Trading is expected to resume at 10.20am.
The fall in Indian markets comes hours after Japan's Nikkei index fell 10 per cent, its worst weekly performance since the 2008 global financial crisis. On Thursday, the Sensex fell 2,919.26 points (8.18 per cent). Wall Street recorded its worst day in three decades on Thursday, with the Down Jones Industrial Average dropping 10 per cent and S&P 500 falling 9.5 per cent.
Meanwhile, the Indian rupee hit a record low of 74.5075 against the US dollar on Friday morning. Investors scrambled for the dollar amid continued panic over the economic impact of the coronavirus outbreak. Moreover, the euro fell after the European Central Bank did not cut interest rates.
