Today’s Market Summarised

How the week has started off! NIFTY was expected to fall after the new strain of COVID-19 was said to be “out of control” in the UK. And look how beautifully it has fallen.

After opening with a gap-down and going back up, Nifty tested its all-time high and stayed around that space. But after a lot of consolidation near the 11,700 zone, Nifty fell just before European markets. Just after European markets opened with huge gap-downs, Nifty created a day low of 13,133, almost 640 points lower from the day-high. Nifty recovered a bit to close at 13,328, down 432 points or 3.14% for the day.

Bank Nifty opened at the day high of 30,600 with a gap-down. What happened next would not be a surprise if you read the above paragraph. Bank Nifty fell more than 1400 points intraday and closed at 29,456, down 1258 points or 4.10%.

Every sectoral index closed in the red today, as obvious as that is. Media and Realty indices were among the top-losers today.

Most Asian markets closed in red today. European markets are currently trading in deep reds, with all indices down more than 3%.

There were no top gainers in the NIFTY 50 today

Markets Ahead

US lawmakers have reached consensus for a $900 Billion stimulus, just ahead of Christmas. But with global nations, including India, closing all flight-paths to UK, the world is getting flashbacks to a darker time. The new strain of Covid-19 in the UK is said to be spreading much faster than the earlier one, scaring governments around the world.

Reliance’s rally almost successfully held up the markets in the first 1-2 hours. Anyone who did not see the fall coming, was definitely not seeing the broader market. European futures were trading in deep red, and this was shared in the Live Feed section of the app, much before the ‘actual’ fall started.

Will everything go back to the way it was, with lockdowns being implemented around the world? Or is this nothing but a temporary scare?

Viruses always have a second wave. Even if you look at historical events, the second wave has been more powerful. The only question that will remain is, will the vaccine be effective against it?

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

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