Mumbai, Mar 12 (IANS): The US stock markets plunged on Wednesday with the Dow Jones Industrial Average falling over 1,300 points after the World Health Organisation (WHO) declared coronavirus a pandemic.

Dow Jones was trading at 23,644.26, down 1,373.90 points or 5.49 per cent at 2.28 p.m. (GMT-4). S&P500 is trading at 2,736.48, down 145.75 points or 5.06 per cent.

The plunge in the US markets is likely to have a global reflection on Thursday and Asian and European indices may follow suit.

The Indian equity markets, which witnessed its worst trading session on Monday, may also open on a negative note on Thursday.

The number of coronavirus cases around the world has crossed the 100,000 mark and nearly 4,000 people have died. In the US, more than 1,000 cases have been confirmed.

The increase in cases has raised concerns of a global economic slowdown and increased calls for government intervention to support economies.

US President Donald Trump has said he would come up with major decisions to counter the impact of coronavirus outbreak on the US economy.

The US Federal Reserve has announced an emergency rate cut to boost sentiments. Several other central banks across the world have taken similar decisions.

The Bank of England on Wednesday cut the benchmark rate by 50 basis points to 0.25 per cent.

Coronavirus has impacted several sectors of the global economy, including travel and hospitality, and hit hard China, the epicentre of the pandemic. Global supply chains have been severely impacted due to coronavirus.

On Wednesday, the Indian stock markets witnessed a slight rebound on the back of value buying to close on a flat note after a volatile trading session. Investors resorted to value buying at lower levels after a massive rout seen during Monday's trade.

The Sensex closed at 35,697.40, up 62.45 points or 0.18 per cent from the previous close of 35,634.95. Similarly, the NSE Nifty50 inched up 6.95 points or 0.07 per cent to close at 10,458.40.