Da(Lal) Street

Indian Equity benchmarks – SENSEX and NIFTY, the barometers of BSE and NSE, in several, are in a gloom logging worst weekly falls since 2008 Financial Crisis. Investors, the big wheel, of the wagon of our Economy have held their ground with huge sell-offs. Investors, being fleeing their risk assets amid heightened fears of the corona virus- induced global recession.

BY KASHISH SINGLA | 2 MIN READ

As on March 20, the 30-share index Sensex ended at 29,915, rising 1,629 points and the 50-share barometer Nifty closed 483 points higher at 8,745. Making way to the 30 Index-Dalal Street, with 2 losers and 28 advancers the barometer settles higher at 29,915 with the previous day’s close at 28287.27 i.e. 5.75% higher. With HDFC Bank, the top loser tanking 1.39%, followed by Induslnd Bank in a red mark by 0.88%. Talking on a positive side, with ONGC the top gainer by 18.58% followed by UltraTech Cement (13.01%), Hind. Unilever (11.75%), RIL (11.24%) and the Axis Bank gaining by 0.14%.

With TCS gaining by 9.90%, the accompanying gainers are Asian Paints (8.91%), Tech Mahindra (8.67%), ITC (8.40%), HDFC (8.19%), Nestle India (7.94%), HCL Tech (7.91%), Bajaj Finance, the top loser a day before losing by 10.24% has shown a green signal to its investors by 7.79% followed by Maruti Suzuki which lost by 9.85% and today gained by 5.20%. The top movers are Idea Cellular, Indiabulls Housing Finance, ONGC, Yes Bank and IDFC First Bank Ltd.

The rupee plunged 18 Paise breaching the 75 mark against the US Dollar during the day. NIFTY had its day end at 8745.45 gaining by 5.83%.

With close monitoring of the Global Markets, besides, more precisely over the ratings of S&P 500, with a persistent tumble, it is the fifth streak on the trot. On a close look, with the previous day’s close at $2409.39, there has been a falling steep on an average by 0.78% (78 basis points). Investors are pulling an unprecedented amount of money from the Market, as the threat of the outbreak rages. "The Crash of 2020" wiped out as much as $24 trillion from the global stock market and roiled nearly all financial assets as the coronavirus pummels economies around the world, Bank of America wrote Thursday.

Source: The New York Times

With a glimpse of Commodities Market, Oil Prices fell on Friday after rising 10% in the session as the corona virus epidemic knocked the outlook for demand and Moscow rejected an intervention by U.S. President Trump in Russia’s price war with Saudi Arabia. Brent and U.S. Crude have both collapsed about 40% in the past two weeks weighed by the spread of the Crown Virus- Covid-2019 and the collapse of coordinated output cuts by producers from the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia. “The low prices are threatening to hit the US shale oil industry hard.” analyst Carsten Fritsch said.