Markets To Be Volatile As Coronavirus Spreads

It was another volatile week for the markets, with the Sensex managing to hold onto 41,000 points. It was also a truncated week in which the markets were closed on Friday.

On the global front, markets were relatively quite, though some pressure was seen towards the end of the week.

Indian markets saw select stock buying activity through the course of the week. Shares in Thomas Cook were up 20 per cent in trade on Thursday and were locked at the upper end of the circuit filter. The company has informed the exchanges that a board meeting would be held on Feb 26 to consider the possible buyback of shares.

Vodafone Idea Brickwork Ratings downgraded the rating on the company's non-convertible debentures, aggregating to Rs 2,500 crore, from 'BWR BBB-' to 'BWR BB-'. It was another stock that was increasingly volatile through the course of the day.

Shares in Oil India dropped more than 9 per cent, after the stock went ex dividend on Friday. Another stock that was in the news this week was DHFL which was locked at the upper end of the circuit filter for the second straight day on Thursday.

Heavyweight Reliance Industries managed to pull the markets higher on account of its weight in the index.

Gold prices rally

Meanwhile, gold prices rose to seven-year highs as concerns surrounding the spread of coronavirus beyond China gained ground.

Investors backed the safe haven asset even as China implemented fresh monetary stimulus measures aimed at offsetting the economic impact of the epidemic.