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The global rout over coronavirus concerns has spread to the Indian indices with benchmarks falling over 2.5 percent during the day and over 6 percent this week. The BSE Sensex fell as much as 1,194 points to 38,551, while, Nifty 50 index declined 363 points to 11,269.80.

Motilal Oswal has recommended 'subscribe' to the upcoming SBI Cards IPO. The SBI Cards IPO will open for subscription between March 2 and 5. The initial public offering (IPO) by the second-largest credit card issuer in India, SBI Cards and Payment Services, is expected to raise around Rs 9,000 crore. 

Fears of coronavirus spreading have wiped out more than $3 trillion in value this week alone. For the first time since the outbreak erupted, the number of new coronavirus infections outside China exceeded new Chinese cases. Goldman Sachs has noted in a report that at a global level, the impact of virus outbreaks on economic activity is difficult to detect and isolate from other pre-virus trends.

Sectors such as airlines, cruise lines, and casinos are directly affected reflecting consumers’ reduced travel and entertainment expenses. Also, any impact on China's economy has a direct repercussion across the world as  China accounts for 17 percent of global GDP today as compared to 4 percent in 2003 when SARS hit.

Simon Powell, equity strategist at Jefferies and Ken Peng, Asia Pacific investment strategist of Citi Private Bank shared their views on coronavirus' impact on global markets. 

According to Powell, everyone is now focused on the growth and the new cases outside of China. "Keep your eye on Iran. Iran has got way more cases than people think and has the potential to impact a lot of countries nearby. The key point is that US is completely underestimating how many potential cases they may already have and could have in the future. The US is now bracing itself. The fear of the virus may cause more economic impact than the virus itself,” said Powell.

The government will release the gross domestic product (GDP) data for the third quarter on Friday. Earlier, data showed that growth in the second quarter slowed to its lowest level in over 6 years to 4.5 percent.

What can we expect? Will we see a recovery? A CNBC-TV18 poll showed that economists are expecting a 4.6 percent growth rate.

The government will release the third quarter gross domestic product (GDP) data on Friday.  CNBC-TV18 poll shows a marginal improvement at 4.6 percent versus the previous quarter's 4.5 percent. However, Upasna Bhardwaj of Kotak Mahindra Bank is of the view that the number would remain flat at 4.5 percent, slightly lower than the poll but there is a favorable base effect in second half, which should ideally help the H2 of this financial year.

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Oil prices tumbled for a fifth day on Thursday to their lowest since January 2019, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude. For the first time since the outbreak erupted, the number of new coronavirus infections outside China exceeded new Chinese cases.

Alright, let us prep you quickly with everything that you should know before the market opens. Indian benchmark indices BSE Sensex and NSE’s Nifty50 are likely to open lower on Friday after coronavirus fears triggered a massive sell-off in the US stocks. The Dow saw its worst day since February 2018, while Nasdaq and S&P500 posted its biggest one-day loss since August 11. In India, investors await Q3 GDP data due to be released later today. 

Asia: Stocks in Asia declined in Friday morning trade after the major indexes on Wall Street tumbled into correction territory overnight as fears over the spread of the coronavirus globally drove investors to safety. Japan’s Nikkei 225 dropped 3.1 percent while the Topix index fell 2.99 percent. Meanwhile, South Korea’s Kospi was down 1.48 percent while the S&P/ASX 200 in Australia plunged 3.26 percent. Overall, the MSCI Asia ex-Japan index dropped 0.62 percent lower.

US: U.S. stocks plummeted on Thursday as fears about the effect of the coronavirus outbreak on economic growth flared even as U.S. officials pledged that they were stepping up efforts to safeguard Americans from the virus' spread. The Dow Jones Industrial Average plummeted 1,190.95 points, or 4.4%, to close at 25,766.64. The S&P 500 slid 4.4 percent to 2,978.76 while the Nasdaq Composite dropped 4.6 percent to 8,566.48. The Dow had its worst day since February 2018 while the Nasdaq and S&P 500 posted its biggest one-day loss since August 2011.