Stock Market Coronavirus LIVE news: Sensex, Nifty Recover Losses As Trading Resumes After A Halt

Sensex Jumps Over 5,000 Points From Day's Low, Nifty Tops 10,000 As Markets Rebound

HDFC, ICICI Bank, SBI, HDFC Bank, Bharti Airtel and Reliance Industries were top movers in the Sensex

Highlights

Sensex surged as much as 5,065 points from day's lowest level
Nifty climbed 1,572 points from intraday low levels
HDFC, ICICI Bank and State Bank of India were top Sensex movers

The S&P BSE Sensex and NSE Nifty 50 indices recovered intraday losses as trading resumed after being briefly halted as the benchmarks nosedived 10 per cent in early morning deals, triggering in circuit breakers and consequently leading to a trading halt of 45 minutes. The Sensex slumped as much as 10.33 per cent or 3,389 points to 29,388.97 and the Nifty 50 index dropped 10.79 per cent or 1,035 points to hit a low of 8,555.15. The Indian stock market benchmarks mirrored losses in global markets as deadly coronavirus outbreak sparked fears of the global economy falling into a recession.

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The S&P BSE Sensex index surged as much as 5,065 points or 17.2 per cent from the day's lowest levels, and the broader Nifty 50 benchmark climbed a whopping 1,572 points or 18.36 per cent to reclaim the 10,000 mark.
At 1:13 pm, the Sensex was up 1,472 points or 4.5 per cent at 34,250 and the Nifty 5.3 per cent or 508 points higher at 10,098 compared to the previous close.
Heavyweights such as HDFC, ICICI Bank, State Bank of India, HDFC Bank, Bharti Airtel, Reliance Industries and Bajaj Finance were the top movers in the Sensex. Together they contributed nearly 700 points to the gain in Sensex.
State Bank of India (SBI) was top gainer in the Nifty 50 basket of shares; the stock surged 13 per cent to Rs 239. Sun Pharma, Bharat Petroleum, HDFC, Cipla, Tata Steel, Grasim Industries, Bharti Airtel and Bharti Infratel rose 6-11 per cent each.
On the other hand, UPL, Nestle India, Asian Paints, Tech Mahindra, Hero MotoCorp and Bajaj Auto were among the notable losers in the Nifty.
All the 11 sector gauges compiled by the National Stock Exchange traded higher, led by a 9 per cent gain in the Nifty PSU Bank index. The Nifty Pharma, Metal, Financial Services, Bank and Private Bank indices were up 4-7 per cent each at the time.
Mid- and small-cap indices also witnessed buying interest, but largely under-performed their larger peers; the Nifty Midcap 100 index rose 2.12 per cent and Nifty Smallcap 100 index advanced 0.7 per cent.
"Fall in the Indian indices has been significantly lower than the stock market in other countries," markets regulator Sebi said in a media statement, issued in context of the sharp selloff that engulfed Indian markets earlier in the day.
The lower circuit in the Indian markets was triggered for the first time since the 2008 global financial crisis, and the trading resumed at 10:20 am. The next circuit breaker limit for the benchmark indices is at 15 per cent. A circuit breaker is meant to protect investors from a sudden tailspin in the markets.
The selloff gathered pace globally on Thursday after US President Donald Trump's announcement to ban travel from Europe spooked investors and the European Central Bank disappointed markets by holding back on rate cuts. Concerns over the virus have hammered financial markets and disrupted businesses globally as countries around the world grapple with how to contain the outbreak and its economic impact.