Business: After exactly 1 year, the Indian stock market has once again come under the grip of Corona. The ever increasing corona cases in the country have made investors worried. The effect of this was seen as soon as the market opened on Monday. The Sensex fell down to 905.36 points in the morning and opened at 48,685.96.
Currently, the Sensex is trading at 47,885, with a steep fall of 1,705 points. About two months ago, on February 1, the index had dropped to the level of 48 thousand. The Nifty has also recorded a fall of 513 points, after which it has come down to 14,321.
There is a big reason behind the ever increasing new cases of Corona in the country. In the last 24 hours, only one lakh 69 thousand 914 new cases of corona have been reported. This is the largest number of infected people found in a day in the country so far.
Along with this, a considerable decline has also been registered in Asian stock markets. These include Shanghai Composite of China and Hong Kong of Hong Kong. Also, Japan’s Nikkei index is also trading in the market with a fall.
Apart from this, investors are worried before the coming results. After good results in two consecutive quarters, the effect of corona can be clearly seen in the market during the next quarter. That is why investors are already cautious.
Banking stocks are also under pressure, in today’s huge decline, the stocks of banking sector are at the forefront. The Nifty Bank Index has come down to 1,733 points, or 5.3%, to 30,714. RBL Bank shares are also trading down 13%. Also, 10% fall in the shares of public sector banks and the shares of private banks have also broken up to 6%. The main reason for the decline in banking shares is the increasing likelihood of lockdown. Banking business is getting affected the most.