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Sensex, Nifty Sink Further In Red; Here Are 5 Reasons
In a holiday-truncated week, there is again seen mayhem in the Indian markets with Sensex shedding 1100 points in early trade and Nifty below 10600 levels. And the decline continues with a further deepened crisis as Sensex sees a further dip to the extent of over 1500 points.
The reasons for the same are given below:
1. Coronavirus Scare Deepens, India Cases Touch 41 Mark:
In the global shore, the case of infection have scaled 1 lakh and death toll on account has risen to 3500 individuals. And India too is not left immune from the infection and now after the new case has been reported from Kerala which saw a 3-year child infected from the virus has touched 41. So, with no signs of the infection ebbing, stock markets are set to be freaky in coming times.
2. Weak global cues:
On Friday, the US markets saw a decline up to 2% on the Nasdaq Composite and today Asian markets further saw frantic selling with S&P down as much as 4.7%, Nikkei down 5.41% .
European markets also saw massive decline up to 4.14% on CAC.
3. Huge crash in global oil price:
There was free-fall in oil price as it tumbled as much as 30% due to price war initiated by OPEC as it declined to cut production. Further there is expected a huge slump in the demand for the commodity amid coronvirus outbreak.
4. Yes Bank crisis:
While some of the industry veterans have called Yes Bank a disaster waiting to happen, the government is doing all its bit to not let the bank like Yes Bank to fail. And as part of its reconstruction plan, SBI has been allowed to buy 49% stake in the cash-starved lender. . The public sector bank has to submit its reply on the reconstruction plan by Monday.
5. FII outflow:
After the coronavirus outbreak, investors world over are taking shelter in safe haven such as gold and bonds and selling off their interest in stocks. As per data available with the NSE, FPIs sold in domestic markets to the tune of Rs. 3,594.84 crore on Thursday.
Also, defying the past six-months trend as the investor community have turned highly cautious, FIIs have in net sold Rs. 13157 crore in the Indian markets in the past 5-trading sessions of March.
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