Dow Jones Industrial Average (DJIA) cracked by nearly 6% on 11 March more than giving up the gains of Tuesday. The Coronavirus threat is now spreading rapidly across the US and Europe with rising casualties. US markets have also been vulnerable to an economic slowdown as indicated by the inverting yield curve, which is now trapped below 1%. The trigger for the fall came after the WHO declared the Coronavirus as a major health pandemic, underlining the gravity of the situation. Fed has already cut rates by 50 bps and economists expect a return to zero interest rate levels. The SGX Nifty has also fallen in sympathy with the US markets and is now trading below 10,000. With the correction more than 20% in a short span, Indian indices could be in full-fledged bear territory, unless there is a sharp bounce supported by volumes.