InvestorQ : Why have the Nifty and the Sensex been falling consistently for five days since 20 February? Is the market looking like bottoming out?
Crowny Pinto made post

Why have the Nifty and the Sensex been falling consistently for five days since 20 February? Is the market looking like bottoming out?

Answer
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8 months ago


The market impact was a mix of global and local factors. Nifty and Sensex fell for the fifth day in succession between 20 and 27 February! Of course, the main reason was the Chinese Coronavirus spreading to more countries. The markets did manage to pick up marginally towards the end on the back of short covering in pharma and select metal stocks. However, the short covering was not strong enough to bring the market into positive territory. Domestic growth is proving to be another pain point. SBI came out with a report pegging India’s full year GDP growth for FY20 at just 4.6-4.7%. There is also heavy selling by global investors with foreign portfolio investors having sold Rs.10,000 crore in equities in four days and that is putting pressure on markets. It may be a little early to call the bottom of the market and it would be prudent to wait and see if the Nifty sustains above the 11,600 mark and if Sensex is able to cross 40,000. That will be the first positive signal.