Indies stock Indices tanked 3% on Friday, tracking the slumps in Asian markets as the detection of a new coronavirus strain sparked worry that it will scuttle global economy recovery.

While the likely impact of the new variant isn’t clear, investors are concerned about is spread and the prospect of renewed lockdowns across the globe. Many countries are tightening travel after the discovery of the new Covid-19 variant in south Africa earlier this week. Reported suggested that the new variant could be more transmissible.

The Sensex declined 1,688 points or2.9% to close at 57,107,15, having briefly slipped below the 57,000 mark during the day. The nifty also briefly got knocked below the 17,000 mark before ending at 17,014.80, down 521.45 points or 3% from the previous close. Elsewhere in Asia, Indices fell 0.6-2.7%.

The carnage extended to Europe and the US. Markets in France, the UK and Germany crashed 3.6-4.8% while Dow slumped over 1,000 points in early trade.  

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