Indian markets lose $51.3 bn, recover |
Indian equity market tanked big time on 22nd February as investor wealth slumped by 51.3 billion Dollars, recording its biggest single-day fall in two months. At the close of trade, the total market capitalization of BSE listed companies eroded to 2.7 trillion Dollars. Spiraling lower for the fifth straight session, the Sensex plummeted 1,145 points or 2.25 percent to close at forty-nine thousand 744.32. The broader NSE Nifty sank 306.05 points or 2.04 percent to finish at fourteen thousand 675.70. But, the markets made steady recovery in the morning trade on 23rd February. The rise came as the benchmark US Treasury yields eased from a near one-year peak. The US Dollar also reached multi-year lows on 22nd February against the British Pound and the Australian Dollar as traders focused on the promise of Coronavirus vaccinations and economic growth outlook. US President Joe Biden on 22nd February launched changes to the US Coronavirus aid program for small businesses to try to reach smaller and minority-owned firms. The advancement of a proposed $1.9 trillion US Covid-19 relief bill added to concerns about inflationary pressures. After opening in the green, benchmark indices surged further. BSE flagship Sensex was up 568 points or 1.14 percent to fifty thousand 313. NSE benchmark Nifty followed and added 167 points or 1.14 percent to fourteen thousand 843.
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