Sensex recovers over 1,000 pts from day's low, Nifty above 8,200

PTI  | Deccan Chronicle

Business, Market

Rupee hits the dreaded 75 mark against the US dollar; trading at record low, down 79 paise

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Mumbai: Equity benchmark sensex recovers over 1,000 pts from day's low and the Nifty below 8,200 level in afternoon session on thursday as global gloom over the Covid-19 pandemic.

However 25 of 30 Sensex stocks in the red. Maruti worst performer, down over 10%. ITC top gainer, up 3%.

Benchmark Sensex plummeted over 2,100 points and the Nifty gave up the 7,900 level in opening session.

Rupee hits the dreaded 75-mark against the US dollar; trading at record low, down 79 paise

After sinking over 2,152 points, the BSE barometer was trading 1812.19 points or 6.28 per cent lower at 27,057.32 at 0930 hours.

Similarly, the NSE Nifty was trading 520.85 points, or 6.15 per cent, down at 7,947.95 after dropping below 7,900 in early session.

According to traders, European Central Bank's (ECB) EUR 750-billion stimulus package failed to lift investor sentiment, stoking the already-peaking fears of an economic recession.

Faced with a growing economic shutdown amid the new coronavirus (Covid-19) pandemic, the ECB on Wednesday announced a surprise EUR 750-billion scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the new coronavirus (Covid-19).

Bourses in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 8 per cent.

Incessant foreign fund outflow also kept domestic market participants risk-averse, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 5,085.35 crore on Wednesday, data available with stock exchanges showed.

Meanwhile, Brent crude oil futures rose over 1.61 per cent to USD 25.28 per barrel.

The number of global Covid-19 infections has shot past 2,00,000. Worldwide fatalities topped 8,000.

Cases in India rose to 169 on thursday after 18 fresh cases were reported from various parts of the country, according to the Health Ministry.