Nifty breaks below 11,600: 5 factors that could be weighing on market
Indian market fell for the fifth consecutive day in a row on Thursday tracking weak global cues. The S&P BSE Sensex plunged 400 points while the Nifty50 dropped more than 100 points to trade below 11,600 levels.
Sectorally, selling pressure was seen in realty, public sector, power, metal and oil & gas stocks.
We have collated a list of top five factors which could be weighing on markets:
Asian markets slide:
Tracking sell-off in the US market overnight, Asian markets extended losses amid rising fears of Caronavirus.
Rising fears of a pandemic, which US health authorities have warned is likely, had already wiped more than $ 3.6 trillion from global stock markets by Wednesday’s close, said a Reuters report.
Australia’s S&P/ASX 200 dropped 1 percent by lunch time and has lost 7 percent this week. Japan’s Nikkei fell 1.7 percent to its lowest since October. The Hang Seng fell 1 percent.
US stock futures fell as far as 1 percent, while European stock futures were down 2 percent in Asian trade, the Reuters report said.
Fresh Coronavirus cases unnerve investors:
Mainland China reported 433 new cases of coronavirus infections on Feb. 26, the National Health Commission said on Thursday, up from 406 on the previous day.
According to a Reuters report, the total number of confirmed cases on mainland China has now reached 78,497, the health authority said.
The number of new deaths stood at 29, the lowest daily rate since Jan. 28, and down from 52 on the previous day. The outbreak has now killed a total of 2,744 people, the report added.
Additionally, South Korea reported 334 new cases on Thursday, its largest daily rise since its first case was confirmed on Jan. 20. China reported 433 new infections.
December Quarter GDP Data:
As per the latest report from SBI Ecowrap, India’s GDP growth will remain flat at over six-year low of 4.5 percent in Q3 of FY19-20. It revised up its FY20-21 growth estimate to 4.7 percent from the earlier estimate of 4.6 percent because of the base effect triggered by a downward revision in the FY18-19 growth number by the government.