In the middle of Corona Virus fear, the world economy is already experiencing losses in the numerous industries and India is no exception to this panic. India observed a dip in shares on Friday for a sixth session. This worst-hit week in more than a decade over the fear of the fast spreading virus outbreak could eventually trigger a global recession and this should come as no surprise since Asia’s third largest economy is scheduled to release December quarter growth data. It is expected to show a slight improvement but analysts are already claiming a bumpy March quarter while the fears of the outbreak are zooming.
NSE Nifty 50 index ended 3.71 percent lower at 11,219.20 and the benchmark S&P BSE Sensex dipped 3.4 percent to close at 38,383.32 and for the week the Nifty 50 index also dipped 7.3 percent while Sensex fell 6.8 percent, making this the worst decline since the 2008-09 financial crisis.
The global share market is also experiencing sharp fells and on Friday it marked the worst week since the 2008-09 financial crisis. It is bringing the wipeout of value close to USD 5 Trillion. There are concerns that the outbreak will adversely impact and affect the global supply chains’ big time. The concerns suggest that the economic growth of most nations will be affected by this outbreak. India’s IT sector tumbled despite a weaker rupee which is indicating the increasing anxiety amongst investors.