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Indian Share Market Plummets in Opening Trade, Currency Weakens

Sputnik International

New Delhi (Sputnik): India's equity markets and currency have been completely bludgeoned due to multiple factors like COVID-19, the failure of OPEC+ to clinch... 12.03.2020, Sputnik International

2020-03-12T05:19+0000

2023-07-31T17:09+0000

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Indian Share Market Plummets in Opening Trade, Currency Weakens

05:19 GMT 12.03.2020 (Updated: 17:09 GMT 31.07.2023)

© AP Photo / Richard DrewA screen above the trading floor shows an intraday number for the Dow Jones industrial average, at the New York Stock Exchange, Wednesday, Aug. 14, 2019. Stocks are falling sharply after the bond market threw up another warning flag on the economy.

A screen above the trading floor shows an intraday number for the Dow Jones industrial average, at the New York Stock Exchange, Wednesday, Aug. 14, 2019. Stocks are falling sharply after the bond market threw up another warning flag on the economy. - Sputnik International

New Delhi (Sputnik): India's equity markets and currency have been completely bludgeoned due to multiple factors like COVID-19, the failure of OPEC+ to clinch an oil production deal, and the Yes Bank crisis.

Indian bourses crashed in early trading on Thursday due to fears of the COVID-19 contagion spreading and hurting economic activity.

The Bombay Stock Exchange's (BSE) 30-share index, Sensex tanked 1,800 points in opening trading. All sectoral indices of the BSE were trading in the red.

Similarly, the National Stock Exchange's Nifty crashed 500 points. India's currency, the rupee, also weakened against the dollar. The rupee opened 68 cents down against the dollar at 74.32 on Thursday.

Indian markets reacted in line with global markets in the wake of the World Health Organisation declaring the coronavirus a "global pandemic".