In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex fell over 3,100 points to trade below the 33,000-mark.
At 2.40 p.m., the index was trading at 32,537.45, lower by 3,159.95 points or 8.85 per cent from the previous close. So far it has touched an intra-day low of 32,530.05 points.
The Nifty50 on the National Stock Exchange also lost nearly 900 points so far. It was trading at 9,575.05, lower by 883.35 points or 8.45 per cent from its previous close.
The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.
The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.
Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.
Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.
The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.