Heavy selling started in Indian stock market
The Dow Futures slipped more than 1250 points amid poor global cues. The trend stopped at S&P FUTURES for a short time after a 5 per cent fall. Here, NIKKEI in Asia is trading down 6 per cent. SGX NIFTY also has a weakness of 325 points.
US markets closed down on Friday. However, the Dow closed around 750 points lower from the lower levels. The S&P 500 and Nasdaq fell nearly 2 percent in Friday’s trade. There is pressure on the Corona front not to improve the situation. Energy shares have seen the biggest decline in the US.
Even good employment figures have not provided support. In February, 2.75 lakh new jobs were added. However, only 1.75 lakh new jobs were expected to be added. Bond yields have also declined. The 10-year bond yield in the US has come down to a record low. The yield has slipped below 0.5 per cent for the first time.
The same has started with a steep decline in Indian stock markets, the Sensex is down by about 1500 points, while the Nifty is also down by 400 points.
Meanwhile, the PRICE WAR between OPEC countries and Russia has led to a steep 30 per cent drop in crude prices. Brent has slipped under $ 36. GOLDMAN SACHS has reduced Brent’s target to $ 20. Prices have fallen due to Corona not agreeing on Proaction Cut Deal.
Looking at Asia, SGX NIFTY is trading at 10,578.50 level with 323.50 points i.e. 2.97 percent weakness. At the same time, Nikkei is seen at the level of 19,473.07 with a fall of 1,276.68 points i.e. 6.15 percent. Straight Times also sees a weakness of 4.21 percent. The Taiwan market is also trading at 11,016.84 levels, down 2.69 percent. While Hangseng is seen at a level of 25,088 with a drop of 4.05 percent. At the same time, Kospi is seeing a weakness of 4.46 percent. The Shanghai Composite is seen at 2,979.68 with a weakness of 1.81 per cent.
