Markets crash as rising Covid-19 cases threaten economic recovery
India Today
At today's closing, Sensex was down 1,707.94 (3.44 per cent) at 47,883.38, while Nifty fell 524.05 (3.53 per cent) to 14,310.80. The two indexes have now retreated 7 per cent-8 per cent each from their mid-February record highs.
Domestic markets crashed on Monday with benchmark indices S&P BSE Sensex and NSE Nifty 50 plunging sharply in view of rising Covid-19 cases in the country. At today's closing, Sensex was down 1,707.94 (3.44 per cent) at 47,883.38, while Nifty fell 524.05 (3.53 per cent) to 14,310.80. The two indexes have now retreated 7 per cent-8 per cent each from their mid-February record highs. Domestic shares may witness weakness throughout the week as India continues to break all records in terms of daily cases. On Monday, India reported over 1.6 lakh Covid-19 cases.
As the war enters its fourth week, airlines are struggling to cope with a sharp rise in jet fuel prices, which have surged significantly in a short span of time. The impact is already visible for passengers, with ticket prices expected to rise in the coming months as airlines try to protect already thin profit margins.
The world is already feeling the heat as the West Asia conflict enters its fourth week, pushing global crude oil prices higher. In this article, we speak to experts to understand whether this shock could tip the world toward a recession.
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The former RBI Govenor said a 15–20% global energy disruption would require sharp demand cuts, pushing oil to $150–$200 per barrel, risking severe economic stress if the conflict continues another month.
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The gold rate today is around Rs 1.5 lakh per 10 grams for 24-carat gold, while 22-carat gold is near Rs 1.4 lakh, with prices edging higher after recent losses. Silver is also seeing a slight uptick after a volatile phase.
Early indicators suggest a positive start. GIFT Nifty futures were trading at 23,250.5 at around 08:24 am, indicating that the Nifty 50 may open above Thursday's close of 23,002.15.
With multiple energy hubs under threat, the risk to global supply chains has increased sharply. For countries like India, which depend heavily on imports, this means higher costs and tighter supply in the near term.