Indian Equity market tumbles today as Nifty opens lower at 12193 falling more than 50 points in the opening session. Market has been facing pressures from Asian peers as Asian market faces trouble from Coronavirus outbreak concerning the Chinese Economy.
Dow (INDU) futures fell by as much as 300 points, and were last down about 260 points, or 0.9%. S&P 500 (INX) futures were down about 1% and Nasdaq (COMP) futures were lower by about 1.3%.
In Asia, the Nikkei index has fallen hugely more than 400 points or 1.7%. Other Asian markets are closed today.
The domestic market seems to act cautious ahead of the Union budget to be announced on 1st of February. Most of the sectors in the sectoral indices are trading in red. Nifty Metal has fallen more than 2 percent currently while the PSU bank has fallen over a percent. Realty sector whereas is on the positive side gaining more than a percent.
Shares of Vodafone Idea fell as much as 4.1 percent to Rs 5.80. India Ratings and Research on Friday downgraded the rating of Rs 3,500 crore non-convertible debentures of the company on account of liabilities related to adjusted gross revenue dues.
Oil prices have also fallen further 2 percent today with WTI crude reaching $52.9/bbl while Brent quoting at $60.6/bbl currently. The prices ahs also slipped resulting from concerns from the virus outbreak in China as the city lockdown will hamper the demand for crude.
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