The Sensex dropped 500 points in the opening trade on Wednesday and Nifty by nearly 200 points as global equities crashed last night and reports of US projections of entering a 'bad phase' of seeing a surge in deaths up to 240,000 due to the outbreak of the (Covid-19) coronavirus added to investors' woes.
In the opening bell session, the highlights included a jump in IndusInd Bank of 10 percent, while ONGC declined three per cent.
The S&P BSE Sensex index opened 36.84 points higher at 29,505.33, and the broader NSE Nifty 50 benchmark started the day at 8,584.10, down 13.65 points from the previous close.
The Sensex tanked nearly 700 points or 2.32 per cent to 28,783.52. The Nifty 50 was at 8,398.95 recording a decline of two per cent or nearly 200 points.
Forex markets are expected to remain shut for annual closing of banks.
Overnight, the Dow Jones Industrial Average index fell 410.32 points, or 1.84 per cent, to 21,917.16. The S&P500 index slid 42.06 points, or 1.60 per cent, to 2,584.59. The Nasdaq Composite index fell 74.05 points, or 0.95 per cent, to 7,700.10.
