MARKET LIVE: SGX Nifty plunges 800 pts as global sell-off continues

Indian equity markets are staring at another day of big red candles as global markets continued to tumble on coronavirus spread and the SGX Nifty plunged as much as 800 points. 

India yesterday reported its first Coronavirus-linked death with the number of positive cases soaring to 78. Globally, over 134,670 cases have been reported worldwide with total deaths crossing 4,973.


Reacting to the rapid spread of the virus, all three major US stock indexes went into a tailspin overnight, with the S&P 500 and the Nasdaq confirming their first bear market since the financial crisis. The blue-chip Dow suffered its worst one-day loss since October 1987’s “Black Monday.”

In Europe, major bourses fell by double-digit percentages for their biggest daily losses on record, led by a 17 per cent slide in Italian stocks. Stimulus efforts from the European Central Bank did little to calm nerves.

Asia’s stock markets were hammered in Friday’s early trade. Australia’s benchmark fell as much as 7 per cent and New Zealand’s index was last down more than 8 per cent. Japan’s Nikkei fell 10 per cent, while in Korea the Kosdaq fell 8 per cent, triggering a 20-minute trading halt.