The coronavirus outbreak has been declared a pandemic and stock markets across the world have gone into a meltdown. Trading was halted for 15 minutes on Wall Street once again soon after markets opened and fell 7 percent hitting the lower circuit. Sensex and the Nifty suffered their biggest ever points drop for the second time in the last three sessions.
In just over six hours of trade today, nearly Rs 11 lakh crore in wealth was simply wiped out. The Sensex plunged nearly 3,000 points and the Nifty has fallen way below 10,000 and it even tested the 9,500-mark in intra-day trade. Midcaps got battered, banks got battered and there was simply no place to hide. In fact, all sectoral indices ended in the red.
It has been a torrid week with the Nifty losing over 500 points on Monday, then markets were shut for Holi on Tuesday. Wednesday saw a volatile session ending with minor gains and today, we saw this massive fall of over 850 points.
So how has India fared compared to the rest of the world? Since the start of this month, Wall Street is down about 20 percent, markets in the UK are down 22 percent, Canada is down 20 percent, Brazil is down 27 percent and India is down 14 percent.
To discuss this, CNBC-TV18's Shereen Bhan spoke to Nilesh Shah, managing director at Kotak Mahindra AMC; Shankar Sharma, the vice-chairman and joint managing director at First Global and Arvind Sanger, managing partner at Geosphere Capital Management.