Uncertainty looms over market: New curbs in European region faint hopes of economic recovery; Laurus Labs & Maruti to remain in focus

D-Street was once again gripped by uncertainty on Wednesday after news emerged that Germany and France are likely to announce new measures to curb the spike in Coronavirus cases. As we have heard time and again that ‘markets hate uncertainty’, we are going to see the Indian markets extending their losses due to this.

SGX Nifty indicates Nifty to open around the levels of 11,660, down by 64 points. Nifty has strong support placed in the region of 11,610-11,660 and a break below this level would trigger a further fall.

Prominent stock results in focus for the day are BPCL, Canara Bank, Maruti, Laurus Labs, TVS Motor, and Tata Chemicals.

Asian indices were trading lower on Thursday, following an overnight sell-off on Wall Street. Hong Kong’s Hang Seng was down by 1.09 per cent, Japan’s Nikkei dropped 0.67 and China’s Shanghai ended lower by 0.61 per cent.  

Indian markets continued its seesaw trading pattern-up one day, down the next day. The key benchmark indices logged sharp losses on Wednesday as a surge in the Coronavirus cases across the globe spooked investors. Nifty and Sensex lost 1.34 per cent and 1.48 per cent, respectively. The broader indices too ended in red wherein Nifty Mid-cap and Small-cap dropped 0.99 per cent and 0.98 per cent, respectively.

Meanwhile, on NSE, all the sectoral indices ended in the red. Besides, India VIX jumped nearly 5 per cent.

Wall Street’s three major stock indices tumbled on Wednesday as fears about lockdown in Germany & France dimmed hopes of quick economic recovery and along with this, election jitters kept the market participants on the back foot. All the three major stock indices registered losses of over 3 per cent each wherein, the tech-heavy Nasdaq was the most affected. Dow components, Microsoft & Boeing reported their earnings, and both the stocks witnessed pressure following their results. European stocks too saw a steep drop with Germany’s DAX crashing over 4 per cent.