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Virus Rout ‘Unknown Animal’ Says Broker as Bears Grip India

  • Pessimism at its peak as stocks tumble, IIFL Securities Says
  • India’s fear gauge soars to highest level since August 2009
Indian Rupee Banknotes Ahead of Budget Announcement
Photographer: Dhiraj Singh/Bloomberg
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On IIFL Securities Ltd.’s trading floor in Mumbai, 70 dealers spent most of the day on the edge, advising clients to hold off on buying the dip as the sell-off sweeping global equities gathered pace.

By the end of Thursday, Indian stocks had tumbled into a bear market to join equity benchmarks from Australia to Japan and Brazil to Italy -- a sign the pain from virus-fueled rout that’s erased trillions of dollars in global stock-market value may not be over yet, the brokerage said.