Stock Market Takes Coronavirus Hit
By 11 a.m., the Sensex was trading at 28,432 after falling 1035 points. On Tuesday, the Sensex closed at 29,468.49 points, while the Nifty climbed 316.65 points to close at 8,597. The biggest reason for this spurt was the manufacturing sector in China gaining speed strongly again. Among the shares which saw the steepest fall on Wednesday were Kotak Mahindra (9.90%), Reliance (5.48%) and IndusInd Bank (4.60%), while the shares which saw the biggest gains were Hero Motocorp and Bajaj Auto. However, investors’ concerns have deepened with the manner in which 600 new coronavirus cases have come to light in the country in the past three days. Evidently, its effects can be clearly felt on the market. Several ratings companies have also reduced India’s GDP estimate. Also, people are apprehensive that given the manner in which the coronavirus is fast-spreading in India, the duration of lockdown could be per force extended. While the government has denied this, concerns have grown due to hundreds of new cases being reported in the last two days.
On Wednesday, the #Sensex started the day with a fall. Rapidly growing #coronavirus cases across the country are putting pressure on the capital markets. At the same time, jamming economic flow across the globe is scaring investors@RaGa_reports #stockmarket #COVID_19 pic.twitter.com/V5hrdevM4J— GoNewsIndia (@GoNews_India) April 1, 2020