Despite a rise in the number of cases of coronavirus and shutdown enforced in many
cities, Indian equity induces paused their losing streak and bounced on 20th
March(Friday), surprising many. Nifty has fallen nearly 35 percent from its record high in January. On 20th March, the market bounced on smart gains in
energy, pharma, and FMCG stocks. A rally in global markets also helped improve sentiments in India.
Analysts tracking the market said Friday’s rally was largely led by short-
covering, and buying might emerge despite negative sentiments, depending on how global investors chart their path. However, they cautioned investors not to read too much into it.
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