Monday, May 23, 2022

Corona Impact: Stock market opened in red mark, Sensex breaks 337 points

The stock market continues to fluctuate this week due to the impact of the Corona crisis. The stock market has a downward trend on the last day of the week i.e. Friday. The Bombay Stock Exchange’s Sensex opened 217 points down at 47,863.81 in the morning. By 9.30 am, the Sensex dropped by 337 points to reach 47,743.43.  

Similarly, the National Stock Exchange’s Nifty broke open at 14,326.35 and fell to around 14,319.05 around 9.30 am. There were mixed signals from Asian markets today. Metal, energy, and pharma stocks are trending steadily, while selling is seen in Auto and FMCG.  

Fitch released a 12.8 percent growth estimate  

Despite Corona’s new wave, international rating agency Fitch has projected a 12.8 percent increase in India’s GDP in FY 2021-22. However, in its next financial year i.e. 2022-23, GDP is expected to grow by 5.8 percent. 

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Fitch has maintained India’s long-term foreign-currency issue default rating at ‘BBB’, although it has kept the outlook negative. The negative outlook means that there is uncertainty in the debt market following the new wave of Corona. 

Rupee opened beyond 75  

The Indian rupee opened at 75.02 against the US dollar on Friday. The rupee had closed at 74.95 on Thursday.  

The market was closed in green mark on Thursday  

 The Bombay Stock Exchange (BSE) Sensex opened 204 points lower at 47,501.71 on Thursday. In a short time, the Sensex dropped by 501 points to reach 47,204.50. However, after 12 noon the market appeared to be recovering from this decline. Around 1 pm, the Sensex rose by 193 points to reach 47,898.16. The Sensex ended 374.87 points at 48,080.67 at the end of trading.  

Similarly, the National Stock Exchange (NSE) Nifty lost 77 points to open at 14,219.15, and in a short time it broke down to 14,151.40. The Nifty rose by 74 points to reach 14,370.55 after 1 pm. The Nifty closed at 14,406.15 with a gain of 109.75 points. 

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