Markets continue to slump amid COVID lockdown; Sensex loses 535 pts, Nifty below 9200

Seeing a continued decline due to Coronavirus lockdown, India's market indices - Sensex lost 535.86 points, closing at 31327.22  and Nifty fell by 159.50 points, closing at 9154.40, on Friday - April 24. Market reports state that 773 shares have vanced, 1545 shares declined, and 159 shares are unchanged. Analysts state that most industries slumped except for energy and pharmaceuticals.

Sensex tumbles over 500 pts in early tre; Nifty slips below 9,200

Markets continue slump amid lockdown

Both indices opened at slumped rates - Nifty below 9200 level, due to continued poor performance of banking sector and automobile sector, state reports. Moreover, as day progressed, Indian rupee too saw a decline in value,  ending lower by 38 paise at 76.45 per dollar. While Coronavirus has wiped out global ecomy, most affected has been oil industry which has seen oil rates slump to -$39, for first time.

On Thursday, oil prices surged to a $22.70/barrel, jumping 5% as oil-rich nations have promised to cut output swiftly due to reduced global demand for fuel. On Friday too Brent crude prices fell slightly- ending at $20.60, while shale oil (US oil prices) fell by 5.09% to $15.66/barrel, as per PTI. This volatility in oil prices has been seen as Saudi Arabia slashed its prices in an alleged price war with Russia in order to boost demand. But due to continued global lockdown and failure of OPEC talks, oil prices continued to fall as countries vow to cut 30% of oil production, match diminished demand.

Sensex loses 469 points, Nifty below 9000 mark as end of phase-1 of COVID lockdown nears

Coronavirus hits global ecomy

fear of virus has disrupted business supply chains, while number of positive cases has hit 27,45,765 cases and 1,91,806 deaths. Moody’s have estimated that coronavirus has increased risk of a global recession as vanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle virus, but UN has claimed that India and China may be spared. Analysts have said that as China is largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' tre were brought to a standstill due to China closing off its borders, but w is seeing action as China picks up manufacturing. Currently, Indian ecomy is at a standstill, as nation is at a lockdown till May 3.

Sensex gains 2476 points, Nifty up by 708 as India lifts export ban on 26 pharma drugs

Coronavirus Live Updates: India's cases soars to 23077, recovery rate increases to 20.57%