Friday, March 13, 2020
The Nifty50 index hit a 10 percent lower circuit today,13th March, bringing trading to a halt for a while.
"Over the last few days, the Indian stock market has been moving in tandem with other global markets owing to concerns relating to Covid-19 pandemic, resultant fear of economic slowdown, recent fall in global crude oil prices, etc,” according to Sebi.
Major factors are:
1. A rapidly spreading coronavirus took the first life in India as a 76-year-old man from Karnataka's Kalaburgi tested positive for Covid-19.
2. Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and US crude heading for the worst week since 2008
3. Foreign portfolio investors (FPIs) have dumped domestic shares worth nearly Rs 24,000 crore in March till now.
4. Global stock markets crashed ending their long bull run, with coronavirus panic selling hitting almost every asset class
