The S&P BSE Sensex is not having an excellent start to the week as it has lost more than 3.5%. It was trading at 28,700 levels at around 2:45 p.m. On the other hand, NSE Nifty 50 has fallen below its crucial level of 8,500 points. The losses in Nifty and Sensex is led by HDFC and ICICI stocks.
The outbreak and spread of coronavirus across the world is taking a toll on the stock markets globally. The Indian benchmark indices BSE Sensex and NSE Nifty 50 were trading at around 41,000 and 12,500 points respectively before the outbreak of the latest pandemic was recorded. They have now plummeted to their multi-year lows.
The COVID-19 infections are recorded in most leading countries and have wreaked havoc on the Asian and European markets in particular, and India is no exception. The trade activities have been affected around the globe due to countries opting to go for a lockdown in a bid to contain the spread of the virus.
Also Read: Sensex Gains 1,411 Points While Nifty Closed the Day at 8,641 Points
Last week, the Prime Minister of India announced a 21-day lockdown to curb the spread of coronavirus. The lockdown would end on 14 April. Following this, the Association of National Exchanges Members of India (ANMI), a broker’s association has requested the Securities and Exchange Board of India (SEBI) to keep the stock markets closed during the lockdown period so that investors don’t hit the panic button.
The markets have collapsed nearly 41% since they hit their peaks this January. The Bombay Stock Exchange (BSE) has declared holiday on the following dates: 2 April (Ram Navami), 6 April (Mahavir Jayanti), 10 April (Good Friday), and 14 April (Baba Saheb Ambedkar Jayanti). Apart from these, there are Saturdays and Sundays as well.
Citing this, the ANMI has requested the SEBI to keep the markets closed over the remaining days of the lockdown to provide investors with some relief.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
