Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks

Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks

awesome

Business oi-Sunil Fernandes

|

Indian stock markets plunged in trade with the Sensex and the Nifty falling sharply today, thanks to worries over a new covid variant detected in South Africa.

Asian markets dived and European markets were down more than 3% after reports Scientists in South Africa and the World Health Organization are studying the recently identified variant described as very different to previous versions.

The U.K. and Israel banned flights from South Africa and some other African countries. The Japanese Nikkei ended the day lower by a whopping 2.50%, while the Hong Kongs Hang Sang too was down 2.5%.

The Nifty ended the day lower by 509 points, while the Sensex ended the day lower by 1666 points. Metal stocks saw massive losses with JSW Steel and Hindalco seeing cuts of near 6%.

Banking stocks to plunged with IndusInd Bank and State Bank among the biggest heavyweight banking losers.

Says Hemang Jani, Head of Equity Strategy & Senior Group VP, Broking & Distribution, Motilal Oswal Financial Services,”Equity markets have plunged almost 2% amid the emergence of a new, highly mutated Covid-19 variant. EU announced temporary ban of flights from South Africa and few EU countries are already under full lockdown scenario. Thus there is fear of this new variant spreading to other countries which might again derail the global economy. Already there is uncertainty as to when the US Fed will start raising interest rates. So markets might continue to reel under pressure and would actively track covid situation globally.”

According to Ravi Singhal, Vice chairman, GCL Securities Limited the market seems to be poor from here as well. “Our goal is to reach 16750 and as a Fibonacci extension from March 2020 high and lows to 18600 high. Furthermore, after a 10% correction, the high comes in at 16750. Furthermore, the daily chart’s head and shoulders breakdown target has just hit 17700. Not to forget, the Coronavirus cases are also on the rise all around the world. In India, there is also the possibility of a third wave, and the dollar index is approaching 97,” he stated.

Sensex Ends Whopping 1,700 Pts Lower, Covid Fears See Global Meltdown In Stocks
  • 24 1456304189 stockmarket12 1637898585 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Sensex Slumps 1200 Points As Covid Worries Resurface Across The Globe
  • istockphoto 1161683825 612x6121 1613128950 1637640595 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Sensex Cracks Again, Loses Nearly 5% In 5 Trading Sessions
  • stockmarket6 29 1459244163 1571816674 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Bloodbath On Dalal Street As Sensex Falls 1,170 Points, Nifty Settles At 17,416
  • sensexstockasa 1516798322 1589169305 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    5 Reasons For Over 1000 Points Crash On Sensex Today
  • stockstobuy15 1627825612 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    MSCI Rejig: 7 Stocks Including Tata Power To Find Place In Sensex, Zomato To Be A Large-Cap Stock
  • 02 1446443826 diwali lantern Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Stock Market: BSE, NSE Closed For 4 Days In A Row
  • stockmarket6 29 1459244163 1571816674 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    US Fed Policy, Earnings To Dictate Markets Next Week
  • stockmarket6 29 1459244163 1571816674 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Sensex Continues To Trade In The Red: 4 Probable Reasons
  • shares 20 1495247111 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Indices Snap 7 Days Rally Dragged By Realty, PSBs
  • g foolcdn 1632468978 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Sensex Hits 62,000 For The First Time; RIL Gains Over 1%
  • g foolcdn 1632468978 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Nifty Notches 18,500 On 7 Continuous Days Of Gains: Here’s Why
  • g foolcdn 1632468978 Sensex Ends Whopping 1700 Pts Lower, Covid Fears See Global Meltdown In Stocks
    Market Alert: Sensex Over 61K, Nifty At 18,300 For First Time

Original news source Credit: www.goodreturns.in



You must be logged in to post a comment Login