Indian stock markets crashed on Monday morning to nearly 3,000 points or below 10 % halting the trade for second-time this month.
The pre-open trade now is postponed for 45 minutes. The BSE Sensex hit 26,924.11 to drop by 2991.85 or 10 percent.
Sensex nosedived 2,718.15 points to 27,197.81 in the opening session and Nifty by 720.55 points to 8,024.90.
Srikanth Iyengar, Managing Partner, Five Capital, said: "The Indian stock markets are now just following the global mayhem. The US is the mother of all markets and unless this stabilises the Indian markets will continue its sell-off. Surprisingly, the dollar is still considered as a safe haven and its reflected in the dollar index which is very close to a breakout point which is at 103. A fiscal and monetary stimulus in India will help stabilise the markets in the coming week."
The markets have become completely chaotic and there there is no respite to the sell-off mode erasing investor wealth like never before.
"The underlying uncertainly on account of Covid-19 pandemic has contracted economic activity accros the world and unless we see some clear evidence on the spread of the virus, the markets will continue to be volatile and unpredictable," said Krishnan Ramachandran, CEO, Barjeel Geojit Securities.
Meanwhile, the Indian Rupee dropped below 76 level against US dollar amid coronavirus scare.
