Share Market Today: Corona virus continues to wreak havoc on the stock market as well. On Thursday, trading started with a sharp fall in the BSE and the Nifty. The Sensex lost over 2000 points at 26,784 at 9.25 am, while the Nifty lost 625 points and traded at the level of 7837. At the same time, the rupee became weaker against the dollar. At the start of trading, the rupee was at 74.89 per dollar against the dollar.
Earlier on Wednesday, there was a huge sell-off in the stock market. The Sensex had fallen below 29000 i.e. January 2017. Actually those who buy and sell shares, they are not thinking what to do in the current situation. This is the reason that the strategy to reduce losses by selling shares looks better. Overall, the talk of incentive measures going on all over the world to support the market and economy, seems to be completely ineffective.
On Wednesday, the Sensex fell 1,709.58 points (5.59 percent) to close at 28,869.51. The Nifty also fell by 498.25 points (5.56 percent) to 8,468.80. The BSE midcap index was down by about five percent and the Smallcap index by about six percent.
On the Nifty, there was a decline in indices for all other sectors except the media index. Only three stocks had gained momentum on the media index. The index of private banks saw a decline of up to 7 per cent. The Financial Services Index and Realty Index also closed down by more than 6 per cent.
Three big reasons for decline
- Increased infection of corona: Corona cases have increased to 147 in the country. Three people have died so far, although 14 people have returned home after treatment. Due to the closure of the mall, cinema hall, restaurants, the livelihood of many people is in crisis.
- Supreme Court’s tough stance: Telecom companies did not get relief from Supreme Court in AGR case. They will have to pay the full amount of the dues. The Supreme Court questioned the internal assessment of the companies. The court asked why the companies did so without permission. This was followed by a steep decline in shares of the telecom sector.
- Weakness in global markets: Stock markets around the world are under heavy selling pressure these days. The biggest decline is seen in the US stock market. Asian markets declined 1.4 per cent on Wednesday. On the other hand, the Australian stock market also lost 6.4 percent.
