Sensex breaks 1700 points in wake of Corona virus

- Sensex 38 month high while Nifty 39 month bottom

Mumbai, Ta. 19 March 2020, Thursday

The stock market opened today with a sharp decline on Thursday. The Sensex opened at the level of 27371.54 points down by 1497.97 points, with the Nifty opening at the level of 8080.30 points with a 438.00 point decrease. At the start of the BSE, a total of 3031 companies were trading, with about 963 shares gaining momentum while 1882 opened with a sharp decline. So the shares of 186 companies opened without a downside. The rupee opened 67 paise lower at 74.94 against the dollar today.

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March 19, 10:26 According to MCX, the price of gold is 13,442.92 per 10 grams, which is 1.73% lower than on Wednesday.

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March 19, 10:17 The market cap of the market was reduced by Rs 6 lakh crore in 60 minutes

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As of 19 March, 10:05 , the Sensex was trading at 27,111.67, down 1,1757.84 (6.09%).

The impact of the darkening of the American markets was seen
The impact of the downturn of American markets on the Indian market remains to be seen. Dow Jones closed down 6.30 percent in the US market on Wednesday. However, the Asian market is seeing a boom today. For the first time since December 27, 2016, the Nifty has fallen below 8,000. During the trading period, K 576 points fell to 7,832.95.

Indian stock markets also saw a sharp fall on Wednesday. The BSE closed at 28,869, down 1709.58 points, breaking the psychological level of 29 thousand, while the Nifty closed at 4,051.50 down 425.55 points.

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British pounds from Corona are also ill, against the dollar at the bottom of the year 1985
The currency of the Corona virus has hit Britain's currency. The value of the British pound against the American dollar has dropped to the lowest level since 1985. The value of the British pound, which has been prioritized by the US dollar as a safe investment by investors in the midst of the economic downturn, has fallen.

British currency's exchange rate fell 1.8 percent to £ 1.182 against the US dollar on Wednesday. Which subsequently improved slightly to $ 1.186.

It is worth mentioning that, despite the Chancellor's announcement of a £ 350 billion concession package to support the British economy against the Corona virus on Tuesday, British currency against the dollar has weakened. "The biggest decline in the value of the British pound against the US dollar was on Wednesday," said Nail Wilson, an analyst at Markets.com. It is at its lowest level since 1985, if followed by a sharp decline in October 2016. He further said that investors are prioritizing investing in dollars instead of British pounds to avoid risk, which has led to further weakening of the pound.

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RBI will buy Rs 10,000 crore government bond to increase liquidity
The financial sector has also been hit hard by the rise of the Corona virus epidemic. To cover this sector, RBI has announced the purchase of a bond of Rs.10,000 crore under open market operation. The RBI said it would buy government securities worth Rs 10,000 crore on March 20 under open market operations.

The function of the open market operation is to increase the financial liquidity of RBI banks by purchasing bonds and providing them funds. RBI said in a statement that the financial position of some financial market segments was weakened due to the epidemic of Corona virus. It is very important that they can be given stability by increasing liquidity.

The Indian stock market was also hit hard on Wednesday due to pressure on the financial sector. The Sensex-Nifty has tumbled to its lowest level in three years. The RBI said that the result would be declared only on the day of the auction of the bonds and the successful bidders would have to make payments during the banking business period on March 23.

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The restaurant industry's revenue will drop 60 percent, unemployed 1 million people
The impact of the shock on the economy due to the Corona virus is also affecting jobs in different sectors. In the coming days, one million people may lose their jobs in the restaurant industry. According to Anurag Katiyarnu, president of the National Restaurant Association of India, the restaurant business's revenue has dropped 60 percent due to the corona virus. Online orders have also fallen by 20 percent.

One million people will lose jobs
So that in the coming days, one million people may lose jobs in this industry. It is pertinent to mention that, currently 70 lakh people are employed in this sector. In addition, Katiyaru says, many restaurants have even cut staff salaries. So we demand that electricity companies now give us relief on electricity bills.

The aviation industry is also impressed
The airlines industry, on the other hand, is also being affected. The airline Go Air has ordered all its employees to leave without pay. Air India has reduced the aircraft crew staff allowance by 10%. Entertainment allowances received by pilots have also been canceled.