India’s Sensex Tanks over 2,700 Points over Coronavirus Fears Stockmarket

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Indian stock markets on Thursday suffered their biggest ever fall in absolute terms, with the benchmark Sensex tanking over 2,700 points as the coronavirus pandemic rattled investors.

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The 30-share Sensex plunged to 32,990.01 points in morning trade, a loss of 2,707.39 points from its previous close at 35,697.40. It was trading at 33,143.8, down 2,553.55 points, a loss of 7.15 per cent around noon (0630 GMT).

The broader 50-share S&P CNX Nifty of the National Stock Exchange also tanked 743.05 points, down 7.10 per cent.

Reports said the previous biggest single-day loss on Sensex in terms of points was on 22, Jan. 2008 when the index tanked 2,273 points.

The losses followed a selloff in global markets after the U.S. announced a 30 day travel ban from Europe in order to fight the surge in coronavirus cases.

There are more than 60 confirmed coronavirus cases in India, which doubled in the recent days, with most of patients having traveled to the worst hit countries, including Italy and Iran.

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