Markets swing wildly, hit lower circuit but stage smart recovery

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Updated: Mar 14, 2020 8:13 AM

India’s stock markets gyrated wildly on Friday rebounding smartly after a sharp plunge in early trade brought trading to a halt for the first time in 12 years.

Stock market, NSE, BSE, HDFC Securities, coronavirus pandemic, NSE, global financial crisisThe benchmark Sensex fell by as much as 3,389 points intra-day before closing the session at 34,103.48.

India’s stock markets gyrated wildly on Friday rebounding smartly after a sharp plunge in early trade brought trading to a halt for the first time in 12 years. The indices surged after trading resumed presumably taking their cue from the global markets where the Dow Futures were seen trading in the positive. Moreover, experts said there was some amount of short covering and purchases were made by local institutions; foreign portfolio investors remained sellers offlo-ading about $815 million worth of equities.

The benchmark Sensex fell by as much as 3,389 points intra-day before closing the session at 34,103.48, up 4.04%. The Volatility Index or VIX jumped to 51.47%. The broader Nifty50 fell by a whopping 1,035 points on Friday morning, before ending the session higher by 3.8% at 9,955.20.

 

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