Crude oil price crash, along with weak global cues, led to a sharp selloff in markets across the globe, including India. The S&P BSE Sensex fell more than 1,000 points in the morning trade to breach 31,000 on the downside though the Nifty50 was holding 9,000 levels.
Sectorally, the action was seen in healthcare and FMCG stocks while selling pressure was visible in metal, auto, banks and finance stocks.
Crash in crude oil prices would be a positive for India, which is a net importer of the fuel, but it also signifies a fall in global demand. Fall in crude prices resulted in a knee-jerk reaction in equities across the globe and fuelled safe-haven buying.
“It's a grim situation playing out in the oil markets, grabbing eyeballs of the entire investor fraternity and defying logic. The absolute collapse of WTI prices is primarily owing to the expiry of May WTI contracts, alongside the significant demand destruction due to lockdowns in several countries and supply glut in oil markets,” Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking Ltd told Moneycontrol.
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