Market Benchmark Index Sensex continued to drop and finally settled at -885.72 points lower or -2.77% at 31,122.89 during the closing session on Thursday tracking weak cues from the global market.

Likewise, the broader Nifty 50 slipped 240.80 points or -2.57% at 9,142.75 .

The top gainers were Hero Motor Corp, Maruti, L&T, Sunpharma, Hindustan lever, Bajaj Auto while ITC, Kotak Bank, Nestle India, titan, Bajaj Finance, Bharti Airtel, M&M, TCS, HCL Tech among others were in the red on the Bombay Stock Exchange.

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.

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."

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.

On Wall Street, stock exchanges settled on a negative note in overnight trade.

International oil benchmark Brent crude futures were trading flat at USD 29.19 per barrel.

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