The Indian equity indices slumped on Wednesday afternoon with the BSE Sensex trading over 700 points lower, on persistent fears of coronavirus turning into a pandemic, along with increasing confirmed cases in India.

There are at least 25 positive cases of COVID-19 in India at present, the Union Health Minister Harsh Vardhan informed earlier during a press conference here.

The rate cut by US Federal Reserve announced on Tuesday failed to enthuse the investor sentiments. The decline in the indices is in line with the subdued global trend.

At 1.43 p.m., the BSE Sensex was trading at 37,879, lower by 744.70 points or 1.93 per cent from the previous close of 38,623.70

It had opened at 38,715.72 and has so far touched an intra-day high of 38,791.70 and a low of 37,846.10.

The Nifty50 on the National Stock Exchange was trading at 11,112.30, lower by 191 points or 1.69 per cent from its previous close.

The major losers on the Sensex so far were Tata Steel, IndusInd Bank, State Bank of India, Bajaj Finance and HDFC Bank. On the other hand Sun Pharmaceuticals, Asian Paints, TCS, PowerGrid and Infosys