Global markets dive as Fed Rate cut fails to calm Coronavirus fear, Sensex plunge 1500 points

Mumbai: Worldwide stock markets have continued to crumble even as the US Federal Reserve eased the benchmark interest rate to zero and launched a new round of quantitative easing in order to fight the effects of COVID-19.

In India, both BSE Sensex plunged by 1500 points to 32600 points and NSE Nifty by 404 points to 9550.70 point at 11 am.

At the opening, the Sensex had dropped by 1,520.53 points or 4.46% at 32582.95, and the Nifty fell by 440.60 points or 4.43% at 9514.60. About 190 shares have advanced, 730 shares declined, and 62 shares are unchanged.

Almost all the major international markets have crumbled as the fear of economic slowdown looms large.

While, the S&P/ASX200 of Australia dropped by 7.54%, Hong Kong’s Hang Seng index fell by 2.19% and Sanghai compsite by 0.55%. Similarly, Japan’s Nikkei 225 fell by 0.2%.

The Indian Rupee, which fell to a record low of 74.508 against the dollar on Friday, was 0.44% weaker at 74.1725 at the market opening.