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Bears ruled the street, the market seemed to be witnessing exactly what they had feared -- another downward leg of the bear market. Triggered by a second wave of infections in some countries, markets across the globe tumbled, erasing gains of last few sessions. The fear of a second wave of infections is gaining momentum everywhere. Global markets are trading weak. Benchmark indices of Japan, Korea and Hong Kong are down up to 5%. Dow futures are also down sharply. India has recorded 3.32 lakh Covid-19 cases till now, with fatalities inching towards the dreadful 10000 mark. What is worrying Indian administration is that the country is reporting a higher number of infections every day, meaning the spread is yet to peak? Even though the government is denying any community spread yet, the specter looms large. The Sensex tumbled over 700 points to 33076 in first of Monday’s trade, while the Nifty shed over 200 points. The Sensex closed nearly 600 points lower at 33228 levels and the Nifty closed below 9850 at 9813.
Bears ruled the street, the market seemed to be witnessing exactly what they had feared -- another downward leg of the bear market. Triggered by a second wave of infections in some countries, markets across the globe tumbled, erasing gains of last few sessions. The fear of a second wave of infections is gaining momentum everywhere. Global markets are trading weak. Benchmark indices of Japan, Korea and Hong Kong are down up to 5%. Dow futures are also down sharply. India has recorded 3.32 lakh Covid-19 cases till now, with fatalities inching towards the dreadful 10000 mark. What is worrying Indian administration is that the country is reporting a higher number of infections every day, meaning the spread is yet to peak? Even though the government is denying any community spread yet, the specter looms large. The Sensex tumbled over 700 points to 33076 in first of Monday’s trade, while the Nifty shed over 200 points. The Sensex closed nearly 600 points lower at 33228 levels and the Nifty closed below 9850 at 9813.