Asian shares slumped after the US Federal Reserve chief warned of "significantly worse" US recession since World War II due to the coronavirus pandemic.
Asian shares slumped after the US Federal Reserve chief warned of "significantly worse" US recession since World War II due to the coronavirus pandemic.

Market Benchmark Index Sensex dropped by 456.51 points or -1.43% at 31,552.10 during the opening session on Thursday attributing to the fall in Asian shares after the US Federal Reserve chief warned of "significantly worse" US recession since World War II due to the coronavirus pandemic. Likewise, the broader Nifty 50 slipped 140.00 points or -1.49% at 9,243.55.

The top gainers in the market were Bajaj Finance, Kotak Bank, ITC, Nestle India, Sunpharma, Hindustan Lever while Bharti Airtel Maruti, L&T, Reliance, Tata Steel, Hero Motor Corp, Titan, Bajaj Auto, Asian Paint, HCL Tech and others were in red on the Bombay Stock Exchange.

On Wednesday, Finance Minister Nirmala Sitharaman addressed a press conference and announced further details about the Rs 20 lakh crore worth economic package announced by PM Modi earlier. The economic package gives a major relief to various sector amid coronavirus pandemic.

Jerome Powell, head of the US Federal Reserve on Wednesday, warned of an extended period of the weak economic growth. Powell said, "It will take some time to get back to where we were."

Earlier, Sensex soared 637.49 points or +2.03% at 32,008.61 during the closing session on Wednesday after PM Modi announced a mega stimulus package worth Rs 20 lakh crore Similarly, the broader Nifty 50 jumped 187.00 points or + 2.03% at 9,383.55.

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