Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Indian equity markets snapped its four day gain and tumbled today mirroring the global markets weakness on back of rising coronavirus cases globally and in India too. Sensex fell 1375 points to close at 28,440 levels (-4.6%) while Nifty50 fell 379 points to close at 8,281 levels (-4.4%). The overall market breadth was negative with Nifty Midcap 100 down 2.8% while Nifty Smallcap 100 was down 2.3%. All the sectors ended in red except FMCG and Pharma which were up 0.7%/1.4% respectively. Real Estate and Banks were the biggest losers down 7.8%/6.1% respectively followed by Auto, down 5.1%. VIX was marginally up by 1.5% to 71 levels. Oil prices fell more than 9% intraday to hit more than 17 years low. It has now plunged 68% from its 2020 high seen in early January. The Indian rupee fell to 75.21 against the US dollar.
Central banks across the world have mounted an all-out effort to bolster activity with rate cuts and massive stimulus. However, the rapid increase in COVID-19 cases has been a cause of concern as it has surpassed more than 7 lakh cases. The US has seen a significant rise and New York has now become the epicentre of the outbreak. In India, more than 1,100 people have contracted COVID-19. As per the IMF Chief, the globe has entered into a recession which would be worse than the financial crisis of 2008-2009. While the coordinated stimulus action from governments around the world has offered some respite, the volatility in the market is likely to continue as there is no certainty as to how long the problem will persist and its repercussions on the economy. It would continue to track the trend in coronavirus cases globally and the economic impact of lockdowns undertaken by several countries.
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer