Sensex nosedives over 1,000 points as global markets slump amid fears of coronavirus spread

The Indian stock markets nosedived on Friday morning with benchmark indices hitting their lowest levels recorded since mid-October as global markets slumped on fears that the coronavirus outbreak will lead to recession. The slump in the market also comes on a day when the government is set to release the Gross Domestic Product figures for the October-December period.

At 11.33 am, the BSE Sensex traded 1,078.35 points lower at 38,667.31 while the Nifty was down 329.80 points at 11,303.50.

Shares of auto companies traded lower amid fears that Covid-19 would hit global supply chains. China, which is the epicentre of the outbreak, is a major manufacturing hub for auto components. More than 300 BSE stocks, including IndusInd Bank, ITC, Hero MotoCorp, Wipro, ONGC and L&T, hit a 52-week low on Friday, according to Moneycontrol.