Now all kinds of analyses will come out of the closet.
https://timesofindia.indiatimes.com...ty-slips-below-10850/articleshow/78293482.cms
Sensex, Nifty fall for sixth straight session: Key reasons behind this slump
TIMESOFINDIA.COM | Sep 24, 2020, 03.12 PM IST
NEW DELHI: Equity indices finished lower for sixth straight session on Thursday with the benchmark BSE sensex falling over 1,100 points dragged by metal, IT and banking stocks as fears of fresh pandemic restrictions kept domestic investors jittery amid a heavy global selloff in stocks.
The 30-share BSE index was finished 1,115 points or 2.96 per cent lower at 36,554; while the broader NSE Nifty settled 326 points or 2.93 per cent at 10,806.
IndusInd Bank, Bajaj Finance, M&M, Tech Mahindra, TCS and Tata Steel were the top losers in the sensex pack falling as much as 7.1 per cent. Except for Hindustan Unilever, all stocks finished in red.
On NSE, all sub-indices finished in losses dragged by Nifty IT, Metal, Auto and PSU Banks falling up to 4.24 per cent.
Here are the top reasons behind the slide:
* Weak global cues
Stock markets across Asia's emerging economies sank on Thursday as concerns about rising coronavirus cases in the developed world hammered investors' risk appetite, driving capital into the dollar and other traditional safe havens.
With the tone set by a drop on Wall Street overnight, Singapore's Strait Times index was also caught up in the action, losing almost 1% as early falls in China sparked losses of as much as 2.5% across the region.
* Surge in Covid-19 cases
Resurgence of Covid cases in countries like the UK, Canada, Spain, France, Canada and Netherlands have spiked fears to fresh lockdowns, thereby making investors jittery.
India's Covid-19 caseload mounted to 57,32,518 with 86,508 people testing positive in a day, while the death toll climbed to 91,149 with 1,129 people succumbing to the disease in a span of 24 hours, home ministry's data updated at 8 am on Thursday showed.
"Expectations of domestic recovery and growth has reduced due to the fear of restrictions coming back and increasing virus cases," Vinod Nair, head of research, Geojit Financial Services Ltd told news agency Reuters.
* Economic uncertainty
The coronavirus crisis is lasting longer than expected and it will take some countries years to return to growth, the number 2 official at the International Monetary Fund (IMF) said.
US Federal Reserve policymakers vowed to keep interest rates near zero, while business activity cooled in September, with gains at factories offset by a retreat at services industries.
Euro zone business growth ground to a halt this month as fresh restrictions to quell a resurgence in infections slammed the services industry into reverse.
Some Bank of Japan board members warned a resurgence in the pandemic could delay an economic recovery and destabilise its banking system by pushing more companies under, minutes from the bank's July rate review showed.
* F&O expiry
Markets are also witnessing volatility ahead of derivatives expiry with traders looking to place their positions from September series to October 2020 series. With expiry of futures and options, investors usually try to exit their positions.
