Mumbai: Bear run continued in the Indian equity market with the the BSE Sensex plunging over 2,500 points after the World Health Organization (WHO) declared coronavirus as a global pandemic.
Similar bear run was witnessed in the global markets. All Asian indices also were trading in the red. WHO declared the disease a pandemic on Wednesday following which the Dow Jones Industrial Average also slumped significantly.
At 11.16 a.m., the Sensex was trading at 33,188.01, lower by 2,509.39 or 7.03 per cent from its previous close of 35,697.40
It had opened at the day's high of 34,472.50 and has touched a low of 32,990.01 so far.
The Nifty50 on the National Stock Exchange was trading at 9,699.15, lower by 759.25 points or 7.26 per cent from its previous close.
The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.
Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.
Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel. The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.