INSUBCONTINENT EXCLUSIVE:
The panic that gripped the stock market last week, as Covid-19 spreads across the world, is expected to spill over to Monday
expect the market to slide further
The Nifty could drop by as much as 5 per cent from current levels if the index falls below the psychologically crucial 11,000-point level,
they said.
The Nifty tumbled 3.7 per cent to 11,202 on Friday, posting the biggest single-day fall in four and a half years on Friday.
Last
as such in India but the impact is more on the market, which essentially reflects the market taking a riskoff approach, given the heightened
The Federal Reserve is closely monitoring developments and their implications for the economic outlook
The extent of the rate cut at the meeting and the accompanying commentary will be crucial for the market.
Mohamed El Erian, chief economic
wellfunctioning of markets
worst weekly losses since 2008
Equity markets across the Middle East slumped in response to the drop in oil prices with Brent Crude falling below $50 a barrel last week
Saudi Arabia's main index fell 3.7 per cent
index) in February was 35.7, worse than the lowest reached previously during the global financial crisis during 2008-9 when the PMI was at
ING said China's weak manufacturing PMI will shock the market on Monday.
At home, about 60 per cent of BSE 500 stocks are trading below
the spreading global pandemic could lead to a recession worldwide
When the majority of the top stocks are below the 200 DMA, it suggests sentiment is bearish
Technical analysts said it will be critical for the Nifty to stay above 11,000, failing which the index could fall to 10,700.
The torrent of
Foreign investors have sold Indian equities to the tune of Rs11,200 crore in the past five days amid growing aversion to riskier emerging
Analysts said stocks with higher foreign investor holdings will be most vulnerable to further declines if their sell-off continues.
There
have been more than 83,000 coronavirus cases across the globe, according to news reports, resulting in factory closures and profit warnings
by companies such as Disney, Apple, British Airways, Microsoft and Qualcomm.
