Black Monday for markets!
Markets have been gripped by negative news flow since the last couple of weeks. It all began with the spread of Coronavirus, followed by Yes Bank Saga. However, with the start of a fresh week, the market participants might hope for some relief but nothing of that sort is visible. Bears have got fresh news to further tighten their grip as Saudi Arabia’s stir up force on Russia cut its list prices by most in 20 years. Saudi Arabia’s jolt decision as talks on production cut between OPEC and its allies ended brutally. Nifty is staring at a big gap down opening as SGX Nifty indicates a fall of more than 300 points at opening bell.
It’s just another manic Monday for the markets. Asian markets tanked following sharp losses registered on Wall Street and oil prices crashed after Saudi Arabia ramped up production following OPEC and Russia failed to enact emergency production cuts but will end all output curbs starting in April. Japan’s Nikkei is down by a whopping 6.15 per cent, Hong Kong’s Hang Seng has tumbled 3.89 and China’s Shanghai Composite has fallen 1.94 per cent.
Back home, the markets witnessed another Black Friday, with BSE Sensex and Nifty finished almost down by 2.5 per cent. Nifty ended below 11,000 mark and Sensex slipped below 37,600 mark. Sell-off on D-Street was on account of Coronavirus concerns and Yes Bank fiasco which spooked investor sentiments. The broader markets too were not spared as both Nifty mid-cap and small-cap ended lower by 2.42 and 2.47 per cent, respectively. Amongst the sectors, all the indices ended in red wherein, Nifty PSU Bank, Nifty Media and Nifty Meta were the top decliners.
On Friday, US stocks tumbled early in the session and traded firmly in red throughout the day, a recovery from the lows helped stocks to curb losses to some extent. At the end of the day, Dow lost nearly 1 per cent, Nasdaq plunged 1.9 per cent and S&P 500 tumbled 1.7 per cent. European stocks extended losses from the previous session as number of cases of Coronavirus soared in some part of Europe.