Indian Markets Tank, Sensex Down 715 Points in Early Trading

© AP Photo / Richard DrewA screen above the trading floor shows an intraday number for the Dow Jones industrial average, at the New York Stock Exchange, Wednesday, Aug. 14, 2019. Stocks are falling sharply after the bond market threw up another warning flag on the economy.
A screen above the trading floor shows an intraday number for the Dow Jones industrial average, at the New York Stock Exchange, Wednesday, Aug. 14, 2019. Stocks are falling sharply after the bond market threw up another warning flag on the economy.  - Sputnik International
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New Delhi (Sputnik): Indian Prime Minister Narendra Modi had announced the creation of a COVID-19 Economic Task Force to tackle challenges resulting from the virus outbreak. The Task Force headed by federal Finance Minister Nirmala Sitharaman has yet to announce a stimulus package for industry, which is going through a very critical period.

Covid-19 fears continue to spook the Indian equities market which opened with losses on Wednesday. The benchmark 30-share index of the Bombay Stock Exchange tanked 715 points to trade at around 28,750.

The National Stock Exchange’s broad based 50-share index shed 207 points to trade at around 8,390.

India's banks remained big losers on Wednesday, with large names such as that of State Bank of India, the nation's biggest public sector lender, and Kotak Mahindra Bank tanking in early trading. 

Market analysts believe that the fall is mainly due to uncertainties related to the COVID-19 pandemic and its impact on the economy. The research agency Nomura, for example, believes that the market volatility will continue.

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