Tuesday, October 3, 2023

The Sensex and Nifty have had their worst day in seven months as investors are Spooked by a new Covid variant

On Friday, Indian equity indexes fell to their lowest level since April 12 on weak global cues, as investor morale was harmed by the discovery of a new, possibly vaccine-resistant coronavirus type. The Sensex plummeted 1,801 points, or 3%, while the Nifty 50 index momentarily went below the key psychological milestone of 17,000, hitting an intraday low of 16,985. Both benchmarks have dropped to their lowest point in three months.

The Sensex plummeted 1,688 points, or 2.87 percent, to 57,107, while the Nifty 50 index fell 510 points, or 2.9 percent, to 17,026.

After news of a potentially vaccine-resistant coronavirus strain drove investors fleeing to the protection of bonds, the yen, and the Swiss franc on Friday, global markets dropped and oil fell below $80 a barrel.

European stocks fell 2.7 percent, putting them on course to have their worst day since September 2020, with travel and leisure sectors taking the brunt of the losses.

The DAX in Germany plummeted 3%, while the FTSE 100 in the United Kingdom fell 2.7 percent to its lowest level in more than a month.

Little is known about the variety, which has been found in South Africa, Botswana, and Hong Kong, but scientists believe it has an odd combination of mutations, could elude immune responses, and could be more transmissible.

“The revelation of a new, significantly altered Covid-19 version has sent stock markets down by nearly 2%. The EU has imposed a temporary ban on flights from South Africa, and a number of EU countries are already in lockdown mode. As a result, there is concern that this new variety may spread to other countries, potentially destabilising the world economy once more. There is already speculation about when the US Federal Reserve will begin hiking interest rates. As a result, markets may continue to be under pressure, and the worldwide Covid situation will be closely monitored “In a statement, Hemang Jani of brokerage company Motilal Oswal said.

The selling pressure was widespread, as thirteen of the National Stock Exchange’s 15 sector indices ended lower, topped by the Nifty Realty index, which fell over 6%. The Nifty Bank, Financial Services, Metal, Public Sector Bank, Private Bank, Consumer Durables, and Oil & Gas indices all dropped 3.5-5 percent.

Pharma and healthcare indices, on the other hand, finished higher.

The Nifty Midcap 100 index plummeted 3.25 percent, and the Nifty Smallcap 100 index fell 2.9 percent, indicating that mid- and small-cap stocks were also under pressure.

The top Nifty loss was JSW Steel, which lost 7.5 percent to settle at 630. Tata Motors, Hindalco, Adani Ports, IndusInd Bank, Bharat Petroleum, Maruti Suzuki, Tata Steel, Bajaj Finance, NTPC, ONGC, and Tata Consumer Products all saw a 5-7 percent drop in their stock prices.

Cipla, Dr Reddy’s Labs, Divi’s Labs, and Nestle India, on the other hand, were among the prominent gainers.

On the BSE, the overall market breadth was quite negative, with 2,241 shares closing lower and 1,070 closing higher.

News Desk

The Shining Media is an independent news website and channel, covering updates from the world of Politics, Entertainment, Sports, International, National, and a lot more.

News Desk
News Deskhttp://theshiningmedia.in
The Shining Media is an independent news website and channel, covering updates from the world of Politics, Entertainment, Sports, International, National, and a lot more.


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