oppn parties Coronavirus Spooks Stock Markets Worldwide

News Snippets

  • Calcutta HC said that an accused in a NDPS case is not entitled to default bail if a charge sheet, even without the chemical report, is filed within time
  • 21 killed in a hooch tragedy in Amritsar. Police arrested 10 persons
  • Incoming CJI Justice B R Gavai said that he will always strive for social and political justice
  • Although US Prez Donald trump once again claimed his administration brokered the ceasefire between India and Pakistan, India clearly refuted the claim and said it was workd out by the DGMO
  • Centre tells the Supreme Court that since women are not in combat roles, there has to be a separate selection board for them
  • India briefs 70 nations on Operation Sindoor
  • PM Modi asks Pakistan to vacate illegally-occupied portions of Kashmir
  • PM Modi tells Pakistan that it faces annihilation if it does not stop supporting terror
  • PM Modi visits Adampur IAF base, poses before the S-400 surface-to-air defence system to destrot Pakistan's claim that it had bombed the base and destroyed the defence system
  • 5 US companies make offers to GAIL for stake in LNG projects
  • Retail inflation dipped to 3.2% in April, the lowest since July 2019
  • Stocks tumble on Tuesday: After the all-time single-day gain on Monday, stocks lost heavily on Tuesday - Sensex went down by 1281 points to 81148 and Nifty lost 346 points to 24578
  • Indian tour to England: A new look Indian team with a new skipper will be announced when the selectors meet later this week in view of the retirement of Virat Kohli, Rohit Sharma and R Ashwin
  • IPL: Most overseas players to return and teams likely to be full strength
  • Sharad Pawar calls for an all-party meet to discuss Operation Sindoor, says such matter cannot be publicly discussed in Parliament as the Congress had earlier demanded
PM Modi warns Pakistan - stop supporting terror or face annihilation /////// Also asks Pakistan to vacate illegally-occupied portion of Kashmir
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Coronavirus Spooks Stock Markets Worldwide

By Linus Garg
First publised on 2020-02-28 20:30:02

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

In line with the bloodbath on all the stock exchanges across the world, the Indian stock market indices plunged heavily today to send shivers across the spines of investors. The Sensex plunged by 1448 points which are the equivalent of 3.64% while the Nifty slid by 432 points or 3.71%. It meant that in a single day, investor wealth of over Rs 5.5 lakh crore was wiped out. In the last six trading sessions, the Sensex has lost a combined 2872 points.

Across the globe, investors are worried that the rapid spread of Covid-19 to more and newer places means that there will be a huge global economic slowdown and business will suffer. People are worried that since Chinese products will be shunned, those economies that import components from China will be immediately affected. They are also worried that the US and other Western nations, consumers of high-end products from many countries, will postpone orders and it will have a multiplier effect on the slowdown. These fears have allowed the bears to tighten their grip on markets worldwide.

Not that the fears are unfounded. With deaths running into thousands in mainland China and newer cases being reported in countries such as Iran, South Korea and Italy, there is no saying how, and how fast, the virus will spread in the coming days. At least 48 countries have until now reported confirmed cases. Since there is no immediate antidote available for the virus, the response of the authorities in each country is also not predictable. The fight against the virus is going to take up resources and time throwing business activity out of gear. Hence, investors are feeling the jitters and most are selling short to limit their losses. In such a scenario, the immediate outlook is bleak and it will take a while before the market bottoms out.