INSUBCONTINENT EXCLUSIVE:
Nine Indians and 16 tourists have so far been tested positive for coronavirus in India and investors, who until now had been anticipating
A total of 242 stocks on BSE hit their lower circuit limits
Over 350 hit their 52-week lows
The BSE Sensex was down over 300 points while Nifty tested 11,200-mark
Hopes of Fed rate cut restricting the market slide vanished into thin air, as economists felt fiscal measures, and not monetary measures,
largest economy.
For the domestic economy, which grew near 7-year low in December quarter, there could be more trouble ahead
This is partly reflected in the ongoing weakness in the market, where stock investors have lost Rs 13,00,000 crore worth of wealth in nine
sessions since February 19
Here are the top factors behind the market fall:Virus tightens grip on IndiaAs per latest data, there are at least 25 positive cases of
coronavirus in India at present, the Union Health Minister Harsh Vardhan informed on Wednesday during a press conference.
"There are at
least 28 confirmed cases of the coronavirus that have been reported so far in India
Out of which three patients, who were earlier infected in Kerala, have been cured from the disease," he said.
Global deaths due to
coronavirus outbreak rose above 3,000 with the new count in China mainland rising to 2,912
The deadly virus, which originated in China, continues to spread around the world and has infected more than 80,000 people globally, reports
suggest.
Fears over health of US economyInstead of welcoming the rate easing, investors turned more cautious, unsure as to what made the US
central bank not wait for the March 17-18 policy review and go for the first unscheduled rate cut since the global financial crisis of 2008
But analysts said the world needs more of fiscal than monetary measures to come out of this distress.
Bank stocks take a hitBanking and
financial stocks led the slide in Sensex
Seven stocks namely HDFC Bank, ICICI Bank, SBI, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank and Axis Bank contributed 450 points
negatively to index value during the day
Nifty Bank contracts are scheduled for a weekly expiry on Thursday
Among bank stocks, YES Bank fell 6.56 per cent to Rs 29.20
IndusInd Bank, SBI, HDFC Bank and ICICI Bank declined 4 per cent, 3.67 per cent, 3.09 per cent and 2.41 per cent, respectively
FPI selloff intensifiesData showed FPIs pulled out Rs 13,400 crore from domestic equities in last six sessions
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,416 crore on Tuesday, provisional data
available with NSE suggested
funds can cause a lot of damage
If investors of an index fund are bailing out because of a specific-country exposure like China, other Asian countries in that fund would
It is going to push down markets of other countries in the same way
25 level from 10 level in a short span
ICICI Securities said that Nifty had in the last 10 years bottomed out within 1-2 months in six of nine instances of posting 11-13 per cent
At present, the index has already fallen 10 per cent
"Nifty has important level of 10,800 and its worst case scenario seems to be close to 10,400," the brokerage said.