As expected the Indian stock market went down to a very low-level last week. On 18th March Nifty 50 went to 7800 levels and recovered back. On Friday Nifty 50 ended on green side at 8745 (+482). But based on the market trending, I have a doubt in my mind, Is it going nowhere?
After the YES bank crisis, both public and private banking stocks are struggling badly. There is a fear among investors in investing in private banks. Karur Vysya Bank (KVB) was one of the best performing private bank stock until last year (~₹92 in Jan 2019). now it crashed down to ₹27. Not sure where it is heading to.
Last week, the US stock market slipped further and ended at 6879. What seems to be more bothering is even commodities are in the red zone. Crude oil futures are below ₹2000 per barrel. But the petrol price is not going below ₹70. Surprisingly the gold price went down last week.
Still we did not get any way to control the Corona virus spread. It is turning out as the worst nightmare in our days. Already some of the experts claim that it has done enough damage to the global economy like a world war. Day by day it is growing stronger and expanding its arms worldwide.
Since most of us are stuck at home due to the Corona virus. The most affected sections of people are daily wage workers and street shop vendors. The government should support them financially in this tough time.
Investors are confused about investing their money as they could see only red everywhere.
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