Sensex, Nifty rebound from record lows, log biggest intraday recovery

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session.

At 1:30 PM, the BSE-share index was trading 1,817.13 points or 5.54% higher at 34,595.27. Similarly, the NSE Nifty was trading 525.60 points, or 5.48%, up at 10,115.75.

This was the biggest-ever intra-day recovery of markets after hitting 10 per cent lower circuit. The S&P BSE Sensex was trading around the 34,480 levels, up 1,802 points, or 4.9 per cent. Earlier, the index hit the intra-day low of 29,388.

Earlier in the day, taking cues from global markets, the virus panic hit Indian markets hard in today's session.

Benchmark indices -Sensex and Nifty 50 witnessed major cuts in the first 15 minutes of trading. The Sensex slipped below the 30,000 marks while Nifty hit a three-year low level.

The Indian rupee also cracked to record lows against US dollar. And this led to a trading halt of 45-minutes across all equity and derivatives markets nationwide.

The trading resumed at 10:20 am today and Indian market staged a mild recovery. Sensex saw a pullback of 1800 points. Taking it above the 30,000 marks.

Nifty which tanked to nearly 8400 levels. Recovered in the reopening. Trading above 9,500 levels for now. Rupee also has now recovered from lows. Currently trading at 73.97 against US dollar.

The panic in emerging markets has trickled from global markets. The Thursday trading on wall street saw the worst session since the year 'Black Monday crash in 1987'. And dow jones closed with 10% losses. Along with Nasdaq and S&P 500 losing over 9%.

Shares in Asian markets apart from India also remain under pressure. Tokyo's nikkei sank 3%, while Hong Kong's Hang Seng and South Korea's Kospi are also down over 3% in trade.