Today (11th June 2020) Indian markets started with a muted start but slowly fell from the morning price range and finally closed in deep red with about 2% loss in both Sensex and Nifty. Except China other Asian and European markets also closed or trading in deep red now because of the gloomy outlook projected by the US Fed and fears of a second wave of corona virus covid 19 out break worldwide. Dow Jones future also now trading with 527 point loss.
In Nifty 50 stocks, Infratel , Zeel, Sun pharma, Tata Motors, Maruti, Eicher Motors and Bajaja Finance closed in deep red with more than 4% loss. Other Nifty stocks closed in with more than 2.5% loss are Grasim, Vedanta, ICICI Bank, Tata Steel, Axis Bank, Tech Mahindra, Airtel and Jsw Steel. Only IndusInd Bank, Kotak Bank, Nestle, Hero Motots, Pwergrid and SBI closed in green today with more than .5% gains.
In the volume front stocks like Gail, Indusind Bank, Infratel, Sun Pharma, IOC, Bharti Airtel, Titan, Axis Bank, Hero Motors and Powergrid closed with more volumes compared to 2 months average.
By noon when european markets opened Indian markets lost its steam and many stocks performed well in the morning started dropping heavily. Stocks like Infratel, Gail and Zeel lost more than 8% of it value from its day’s high. Also stocks like Eicher Motors, IOC, Grasim, Indusind Bank, Axis Bank, Bajaj Finance and Maruti lost 5% during the day from its peak.
Overall a bad day for bulls but remember Indian and world markets recovered a lot from their respective March month low due ot corona virus covid 19 outbreak even though not much positive things happened in fighting against the diseases worldwide. It seems like markets were over confident about the fight against corona virus and worldwide economic recovery. Anyway in the coming days markets will hopefully show a more clear picture about where it is headed from this juncture.