NIFTY 50 is trading at its lowest level in more than 2 years as Indian stocks sustain losses on coronavirus fears. As of this writing, the index is in the red by over 8.20%. It is trading at its July 3, 2017 lows at 9,593.00.
Just like the other equities markets, the NIFTY 50 was hit hard by the declaration of WHO classifying the coronavirus as a pandemic. This means that the coronavirus has spread on a global scale. It is more serious than an epidemic which is concentrated in one region or area of the world. With this new designation, the international health organization hopes that governments will step up their efforts in containing the disease.
US President Trump has already announced fiscal measures in a press conference today. Unfortunately, he was unable to ease market concerns. Meanwhile, in India, the government has suspended tourist visas and quarantined travellers in an effort to contain the coronavirus. The number of cases has doubled to 73 today.