Benchmark equity indices fell 1.50 per cent on April 24, breaking their two-week winning streak, reflecting the losses in world equities as doubts over development in developing a treatment for Covid-19 hampered investor emotion.
The market temper on the domestic angle also increased after Franklin Templeton Mutual Fund voluntarily announced winding up six of its fixed-income debt initiatives, making everyone wonder the crisis could turn much worse.
The 30-share Sensex ended 1.68 per cent or 535.86 points to near at 31,327, whereas the 50-share Nifty decreased 1.71 per cent or 159.50 points to near at 9,154.
The fall eroded Rs 2 lakh crore of market capitalisation of listed stocks on the BSE.
Key market statistics
The bears were back in charge with numbers of losers were double the gainers on the BSE.
Volatility index or India VIX eased 0.43 per cent to 39.06.
What are the experts saying?
“If I look at India versus the US, India is far behind in terms of the negative affect that it will have and the response of our government is too slow. Also in some things we have actively assisted in blowing up parts of our corporate sector,” stated Samir Arora, founder and fund manager, Helios Capital.
What to watch out for?
The March quarter corporate earnings announcement could give some hints and a sneak peak into initial damage caused by Covid-19 and subsequent lockdown to businesses.