Stock Market Holidays: On account of the Ramnavmi festival, the Indian share market will remain closed today. So, for information to the Indian traders, trading at India’s currency, debt and equity markets will remain suspended today. Trading at Indian indices will resume tomorrow on April 3rd at its usual timings.
The BSE Sensex yesterday lost 1,203 points and closed at 28,265 levels while the 50-stocks NSE Nifty index dipped 340 points and closed at 8,257 levels after the Closing Bell. The Bank Nifty index nosedived 925 points after closing at 18,218 levels.
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Due to the widespread of the Coronavirus in the US, Wall Street has been receiving beating for the last two trade sessions and it’s getting reflected in the global markets. Asian equities fell for a second session today after a dire warning about the US coronavirus death toll had investors looking to the safety of dollars and bonds and bracing for more bad news from US jobless figures.
MSCI`s broadest index of Asia-Pacific shares outside Japan fell 1.2%. Japan`s Nikkei extended Wednesday`s heavy drop with a 1.5% fall, and investors are beginning to worry that equities may re-test last month`s lows.
Speaking on the current stock market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Much depends on how the US fights against Coronavirus. Any signs of weakness at Wall Street may trigger a further selloff in the global markets. In India, Nifty has already closed below 8,300 levels and much will depend on its tomorrow’s opening and close. If it fails to regain this 8,300 level and close above this level, then we can expect further downtrend up to 7,900 to 7,800 levels next week.