Earnings vs COVID: COVID Wins as Markets Crash in Last Hour of Trading

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Earnings vs COVID: COVID Wins as Markets Crash in Last Hour of Trading

By Aditya Raghunath

Investing.com -- Nifty 50  and the BSE Sensex 30 opened in the green and traded up for a majority of the trading session today but crashed almost a percent each in the last hour. Nifty closed 0.94% down while the Sensex closed 0.95% down.

While a lot of companies have reported good numbers for the March 2021 quarter, and a bunch of others have reported stable numbers, it hasn’t been enough to completely quell the fear of the rising COVID cases in India. The country has crossed 2 crore cases and investor sentiment is low.

Nifty Bank dropped 0.6% today but the Nifty PSU Bank index rose 3.44%. Punjab National Bank (NS: PNBK ) went up 9.28% while Bank of Baroda Ltd (NS: BOB ) was up 6.38%. Union Bank of India Ltd (NS: UNBK ), Indian Bank (NS: INBA ) and Bank of India Ltd (NS: BOI ) gained over 4% each.

In Europe, FTSE 100 and Lyxor UCITS CAC 40 (DR) D-EUR (PA: CAC ) are trading up 0.84% and 0.56% respectively while DAX is down 0.28% at the time of this report. In the UK, Prime Minister Boris Johnson said indoor hospitality should be open again from May 17, the same day that international travel restrictions are due to be eased. All remaining social distancing requirements are likely to be lifted from June 21, he added.

US markets are expected to open up today. New York, New Jersey, and Connecticut said they will lift most coronavirus-related restrictions on business and social life within two weeks, in another milestone toward the full reopening of the US economy. Dow Jones 30 Futures and S&P 500 Futures are trading flat while Nasdaq 100 Futures are down 0.33% as of this report.

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  • satyabrata nayak @satyabrata nayak
    This perfect time to invest in heavily
    Like 0
  • Jitendra Behera @Jitendra Behera
    Market is fearing a complete lockdown.
    Like 4
    • S S Shetkar @S S Shetkar
      which will never happen...
      Like 0
    • S S Shetkar @S S Shetkar
      so buy from the fearfulls ..
      Like 0
    • Ashish Choudhary @Ashish Choudhary
      @S S Shetkar never say never.
      Like 0
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