Monday’s trading halt was a second within a period of seven trading sessions, as world markets continued to suffer the worst selloff since the 2008-09 global financial crisis.

The Nifty Bank index – comprising stocks of 12 major lenders in the country including heavyweights SBI, HDFC Bank and ICICI Bank – was down 12.74 per cent.

Asian stock markets sank as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8 per cent, with New Zealand’s market shedding a record 10 per cent as the government closed all non-essential businesses. Shanghai blue chips dropped 2.3 per cent, though Japan’s Nikkei rose 0.8 per cent aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.

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