Domestic equity benchmarks spiralled lower for the fourth session on the trot on Thursday as investors fled risky assets amid heightened fears of a coronavirus-induced global recession.

After briefly turning positive in afternoon trade, domestic indices fell in tandem with Asian peers, with the BSE barometer Sensex settling 581.28 points, or 2.01 per cent, lower at 28288.23. It swung over 2656.07 points through the session.

Similarly, the NSE Nifty tumbled 205.35 points, or 2.42 per cent, to close at 8263.45, after crashing below the 7900-level intra-day.

Bajaj Finance was the top loser in the Sensex pack, tanking 10.24 per cent, followed by Maruti (9.85 per cent), Axis Bank (9.50 per cent), M&M (9.28 per cent), Tech Mahindra (8.43 per cent) and ONGC (7.35 per cent).

“Global markets continued to trade with negative bias and high volatility amid fears over the economic impact of the coronavirus pandemic which continues to weigh on investor sentiments. During the afternoon session, the markets showed marginal pullback but it largely remained short-lived,” said Narendra Solanki, head-equity research (fundamental), Anand Rathi Shares & Stock Brokers.

Stimulus packages by global central banks and governments failed to lift investor sentiment in Asia, stoking the already-peaking fears of an economic recession.

South Korea’s Kospi was the worst-hit index in the continent, plunging over 8 per cent, followed by Hang Seng, Nikkei and the Shanghai Composite Index.

Bourses in Europe, however, turned positive after the European Central Bank (ECB) announced a surprise 750-billion euro stimulus package.

The Dow Jones Industrial Average fell 68.91 points at the open to 19830.01, while S&P 500 opened lower by 4.62 points.