
U.K.’s mutant Coronavirus stings Indian equities
Fears over a new strain of the Coronavirus, discovered in the U.K., hit India's stock market on Monday, with benchmark equities witnessing the hardest fall in the past seven months.
Fears over a new strain of the Coronavirus, discovered in the U.K., hit India's stock market on Monday, with benchmark equities witnessing the hardest fall in the past seven months.
Both the Sensex and the Nifty 50 stage more than 14% recovery. The Sensex market capitalisation is up by nearly ₹7.63 lakh crore with 13.48% monthly growth.
Franklin Templeton India has closed six yield-oriented schemes—which accounted for 63.4% of its total debt-oriented funds’ average AUM. It links the closure to Covid-19-related market dislocations.
RIL closed 10% higher, and contributed over 51% and 43% in the points gained by the Sensex and the Nifty 50.
Both the BSE Sensex and Nifty 50 plunge nearly 4% intraday as fear grips equity markets after the historic collapse of U.S. crude oil prices on Monday.
Round II of RBI’s Covid-19 crisis measures was received by the Sensex and the Nifty 50 gaining 1,116 and 331 points each before closing 986 and 273 points higher from the previous day’s close.
Analysts with varied views have the 2008 global financial meltdown as the nearest comparable to the Covid-19 pandemic. But they are agreed on one thing: the need for caution.
Day after the lockdown extension announcement, markets remained in positive territory for majority of the day before global cues pushed them to close in the red.
The Covid-19 data and uncertainties continue to scare the bulls as benchmark indices close in red after gaining nearly 4% in early trade.
Benchmark indices record their biggest single-day gain since May 2009.