Coronavirus outbreak concerns the Global market


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.

Disclaimer: represents Bitupan Majumdar which is an independent research analyst with SEBI RA registration code INH300006962. The report is distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 includes Financial Instruments and Currency Derivatives. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in Securities referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose

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