Sensex recovers but still down over 840 points

The BSE benchmark Sensex crashed over 1000 points while Nifty too reached below 10,200 amid global sell off. At 9:56 AM, Sensex was trading below 823.36 (2.37%) at 33,928.65 while Nifty50 was down by 271.80 (2.60%) at 10,190.85. Around 175 stocks have hit fresh 52-week lows at this point on the BSE. Some of the names include Bank of Baroda, Bharti Airtel, Bombay Dyeing, Central Bank of India, Deepak Fertilisers, Finolex Industries, HAL, HUDCO, Indostar and Nilkamal, among others.

Meanwhile, the rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.

At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.

Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.

Among the top losers were Yes Bank, Vedanta, Indiabulls Housing and Bajaj Finance.

Meanwhile, Asian markets plunged Thursday morning following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

The benchmark Nikkei 225, the Hang Seng in Hong Kong and the Shanghai Composite all plummeted more than three per cent in early morning trade, as investors fretted about surging interest rates and an ongoing trade war.

"All bets are off," warned Stephen Innes, head of trading at OANDA, adding that the markets "are fraught with peril." "The US equity bloodbath is taking no prisoners in Asia as a sea of red greets investors at the open, as equity deleveraging and liquidation intensifies," he said.

Taiwan plunged nearly six per cent, with Seoul down three per cent and Sydney and Singapore both falling two per cent.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)