New Delhi: Stock markets plunged sharply in early-morning trading, leading to a trading suspension, and in turn a smart recovery that erased most losses.
Stock exchanges have halted trading for 45 minutes.
Market commentators speculated whether the Reserve Bank of India had helped in intervening with sentiment, even as regulator SEBI issued a statement saying that it was closely monitoring the situation.
Meanwhile, in early trading, the rupee also hit an all time low of 74.50 against the US dollar, before gaining up 40 paise from the day’s low
Equity benchmark Sensex plummeted over 3,200 points and the broader Nifty sank near 8,600 level, hitting their lower circuit limits, in the opening session on Friday as coronavirus pandemic-led recession fears fuelled worldwide panic.