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sensex: new Covid-19 cases in India frightened Dalal Street
The benchmarks ended at a four-month low, the Sensex losing 153.27 points, or 0.4%, to 38,144.02 while the Nifty closed at 11,132.75, down 69 points – or 0.6% – compared to its previous closing. Both indices have finished falling in 11 of the past 12 sessions. The volatility index, or VIX, rose 8.5% to 25.2 on Monday, indicating an increased perception of risk.
The fear indicator has jumped almost 70% in the past week.
The local market opened vigorously on Monday, posting gains in the rest of Asia in hopes of preemptive action by global central banks to combat the economic impact of Covid-19.
Japan's central bankers in the United States have pledged to stabilize the financial markets, which have been shaken by the spread of the Covid-19 business. These expectations helped most Asian markets quash the gloom following February's dismal Chinese manufacturing PMI (purchasing manager index) data. At 35.7, the reading was worse than the previous low during the 2008-09 global financial crisis.
On Monday, the Chinese composite index of Shanghai rose 3.6%, the Kospi of South Korea gained 0.78% and the Hang Seng of Hong Kong rose 0.6%.
With new cases emerging in India – one in Delhi and another in Telangana – investors said Monday's fall highlights the fragility of any market rebound.
"India looked like a safer place. So with these new cases, there is uncertainty. Consumer behavior is the biggest problem here and to that extent the economy will go down, "said Raamdeo Agrawal, president of Motilal Oswal Financial Services.
"The markets will continue to be volatile. Excess valuation will now be corrected, ”he said.
The Nifty and the Sensex have both lost about 8 percent in the past seven sessions, wiping out Rs 12.3 lakh crore from investors' wealth.
MID, SMALLCAPS BLEED
The mid and small cap indices became negative for calendar year 2020, and about 60% of the constituents of the BSE500 are trading below their 200-day moving average.
Foreign investors continued their sales, spilling shares worth Rs 1,429 crore on Monday. Over the past seven sessions, they have sold Rs 12,400 crore stock. Domestic institutional investors – who bought stocks worth 16,900 crore rupees in February, a six-month high – continued to buy, mopping up stocks worth 7 621 crores in rupees on Monday.
Markets had the worst weekly performance in more than a decade in the past week, with cases of Covid-19 reported in Italy, Iran, South Korea and even the United States. Amidst this panic, there was optimism as India only had three confirmed cases.
"It is only if there are signs that the worst is behind us that global markets will increase," said Andrew Holland, CEO of Avendus Capital.
UBS estimates that the epidemic could affect India's growth during the March quarter.
"While the situation is still evolving and the magnitude of the economic impact is very uncertain at this stage, we believe that a negative impact of around 20 basis points could be felt. on India's real GDP growth for the March quarter, "said UBS.
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