Indian equity market has stopped trading for 45 minutes as the benchmark index, Nifty50, hit lower circuit mostly dragged by the global sell-off on the rising worries amid Covid-19 outbreak.

Indian market has hit the lower circuit for the first time in 12 years after January 21, 2008 crisis.

The trading activity on BSE Sensex and Nifty Bank has also been halted.

Also Read - Trading halted! Here is what happens in a lower circuit and how it is calculated

The Sensex shed 3,090.62 points (or 9.43%) at 29687.52, and the Nifty was down 966.10 points (or 10.07%) at 8,624.05 in morning trade on March 13.

Sensex, Nifty and Nifty Bank touched 3-year lows, while Indian rupee touched record low of 74.50 per dollar.

75 stocks hits lower circuit between 5-20 percent on the BSE.

“Markets have seen a lower circuit for the first time after 2008. But equating this situation with 2008 is unfair. 2008 was a global financial meltdown whereas the 2020 correction due to concerns on account of coronavirus are overdone," said Vinay Pandit, Head - Institutional Equities, IndiaNivesh.

"Good quality stocks frontline stocks have taken an undue beating and I am expecting a sharp bounce back. I am looking forward to just one statement “we have found the cure” – which will send markets into new zones, giving very little opportunity to buy into quality names at stress valuations”."

Also Read - Benchmark indices hit lower circuit with Nifty at 3-year low: 5 factors at play

There will be pre-opening session for 15 minutes from 10:05-10:20 am and normal trading will resume from 10:20 am.

On the other hand, the Dalal Street hit two upper circuit in 2009 UPA coalition’s record decisive electoral win in the Lok Sabha elections and trading has been halted for the day as the markets hit upper circuit limit.