Indian Markets Close lower as Coronavirus related issues Lead to further Panic

Indian Markets Close lower as Coronavirus related issues Lead to further Panic

Indian markets closed lower on Wednesday as coronavirus related issues continued to spoil market sentiment. While some stocks recovered, banking and technology stocks closed lower on Wednesday, pulling down indices. Indian markets are closed today on account of Ram Navmi.

The situation in many states in the United States has turned grim and the number of cases is piling up quickly. New York is facing high stress on its medical system. The total number of worldwide cases is approaching 1 million infections with nearly 47,000 people not able to make it. The numbers have been rising in Western Europe as well and governments are considering options of a stronger lockdown. US markets are facing panic selling and value-buying as bears and bulls fight each other. However, the bearish trends are more visible due to confusion about the impact of epidemic.

Indian markets have been tracking the trend in the global markets. Market analysts like Ashwani Gujral, Mitesh Thakkar, Prakash Gaba have been giving BUY and SELL calls with strict stop loss as volatility is high.

While many stocks have declined by nearly 30-40 percent within few weeks, market analysts are not ruling out further decline. Many private banking stocks are suffering issues as Yes Bank has shaken investor confidence. As markets will open on Friday, we can expect slightly positive opening.

IndusInd Bank has witnessed massive volatility this week. The stock touched 52-week low and jumped from its lows to end around Rs 400 levels. The bank has issued statement about its financial health. The promoters have paid the pending debt and the bank informed the exchange that it is a debt-free entity.