Dow Futures Trade Lower On Virus Fears; Nifty Falls 1.3%

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Dow Futures Trade Lower On Virus Fears; Nifty Falls 1.3%
Credit: © Reuters.

By Aditya Raghunath -- Banks stocks led the fall in Indian markets today with the Bank Nifty ending lower by 2.85%. Major culprits were Federal Bank (NS: FED ) (down 5.49%), and Axis Bank (NS: AXBK ), RBL Bank Ltd (NS: RATB , ICICI Bank (NS: ICBK ), and SBI (NS: SBI ) that all fell over 4%. This segment carries the most weight in the indices and a fall in it will affect the overall index closing. The BSE Sensex closed 1.3% lower today and the Nifty was down 1.29%.

Other stocks to fall include Coal India (NS: COAL ) (down 4.41%), JSW Steel (NS: JSTL ) (down 3.24%) and UltraTech Cement (NS: ULTC ) (down 3.15%). The Nifty IT index is down 0.57% and the Nifty Auto index is down 0.48% too. The markets had opened lower in the morning but appeared to recover their losses and were on their way up at noon before they lost momentum. News that the virus is forcing a lot of countries to reconsider lockdowns didn’t sit well as markets closed lower.

All major indices in the U.S. are showing a negative trend with the Dow Futures down by 0.3%. The number of Covid-19 deaths in the United States exceeded 250,000 on Wednesday, according to data from Johns Hopkins University. Further, there is anticipation over jobless claims as well which is expected to be 707,000. 

European markets have opened lower with the FTSE down 0.88%, DAX down 1.24%, and the CAC 40 down 1.09%. Chancellor Rishi Sunak will have his work cut out for him as he prepares for next week’s Comprehensive Spending Review in the UK. Crude Oil WTI Futures prices slipped again on fears for the future of global demand as the coronavirus tightened its grip on the northern hemisphere

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  • Mhachamo Kithan @Mhachamo Kithan
    Vaccine is already coming out...from where did this virus fear coming again?
    Like 0
  • Pankaj Kale @Pankaj Kale
    Nifty ready for 12500cmp 12772short level 12850positional target around 12500
    Like 0

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