Indian market erases early gains

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Indian market indices were weak on Monday ahead of the Union Budget.  Nifty50 ended the day at 12,119-mark, down 129 points or 1.06 percent. In the intra-day trade, the index plunged 141 points to hit a low of 12,107. Sectorally, all the key indices closed in the red barring Nifty Pharma index, which was up 1.4 percent. The Nifty Metal index was the top loser, down 3 percent followed by Nifty PSU Bank down by 2 percent and Nifty Bank index down by 1 percent.

US market also falls with the Dow Jones Industrial Average siding off 453.93 points, or 1.6%, to 28,535.80. The Nasdaq Composite Index COMP shed 175.60 points, or 1.9%, to reach 9,139.31, after hitting a low at 9,088.04.

Shares in Asia declines again today as concerns over the spreading of Coronavirus hovered. South Korea’s Kospi dropped 3.2% while in Japan, the Nikkei 225 shed 0.83% while the Topix index declined 0.74%. Meanwhile, shares in Australia also declined, as the S&P/ASX 200 dropped 1.5%. Overall, the MSCI Asia ex-Japan index traded 0.91% lower. Markets in China and Hong Kong are closed on Tuesday for holidays.

Domestic market indices inched up today however it is volatile. The broader Nifty50 index was hovering around 12,140 levels, up 30 points or 0.25 percent. The Nifty sectoral indices were trading mixed. Nifty Fin Service and Nifty Auto indexes, both up 0.7 percent, gained the most. On the other hand, the Nifty Metal index dipped further 0.5 percent. In the broader market, the S&P BSE MidCap index gained 30 points or 0.2 percent, and the S&P BSE SmallCap index surged 80 points or 0.53 percent.

Oil prices have stabilized since yesterday with WTI Sweet Crude quoting around $53/bbl while the Brent Crude is quoting around $58.4/bbl.

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