Sensex, Nifty Recover as Trading Begins After 45-Minute Halt Due to Markets Hitting Lower Circuit

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Japan's Nikkei was in free fall, dropping 10% and heading for its worst week since the 2008 financial crisis, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 2%.

Bengaluru: The Indian stock markets displayed marginal recovery after reopening following a 45 minutes-halt on Friday. The S&P BSE Sensex was up 474 points, or 1.45 percent, at 33,128 levels while the Nifty was up over 9,700 levels, up 119 points, or 1.25 percent.

After continuously sliding last week ever since RBI imposed a 30-day moratorium and took over YES bank's board, the private lender's stocks were up 6 percent on Friday.

Earlier, trading was halted for 45 minutes as the Nifty50 index hit a 10 percent lower circuit on Friday. The index was down over 1,000 points, or 11 percent, at 8,530 levels. The S&P BSE Sensex tumbled over 3300 points, or 10.3 percent, at 29,390 levels.

In the previous session, the 30-share BSE barometer settled 2,919.26 points or 8.18 per cent lower at 32,778.14, and the broader Nifty slumped 868.25 points or 8.30 per cent to close at 9,590.15.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

All Sensex components were in the red. HCL Tech was the top loser, tanking up to 15 per cent, followed by Tech Mahindra, Kotak Bank, TCS, IndusInd Bank, Axis Bank and NTPC.

According to traders, volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Wall Street lost 10 per cent in its worst session since 1987, while London also had its worst day since that year.

Frankfurt had its blackest day since 1989, the year the Berlin Wall fell, while Paris suffered its worst one-day loss on record.

Besides selloff in global equities, choppiness in international oil prices and depreciating rupee added to investor concerns, they added.

The rupee depreciated 13 paise to 74.41 per US dollar (intra-day).

Brent crude oil futures dropped 0.90 per cent to USD 32.92 per barrel.

Further, incessant foreign fund outflow also spooked market participants, traders said.

Elsewhere in Asia, bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

More than 130,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per health ministry log.