Due to Yes Bank crisis and Coronavirus fear, the Indian stock market is witnessing a huge decline on Monday. The Bombay Stock Exchange (BSE) fell more than 1200 points to 36332 on Monday morning.
At the same time, the Nifty also saw a decline. The Nifty fell 312 points to 10677 on Monday when the market opened.
Yes Bank’s stock is seeing a 19 percent jump on Monday.
The market will be closed on 10 April 2020 due to the holiday of Holi next week. Investors will be eyeing the Yes Bank crisis and Coronavirus next week. Both of these have affected business sentiment.
Also, many economic data are scheduled to be released next week. Such as industrial production and retail inflation figures. They will be released on Thursday. On the other hand, the wholesale price index based inflation data will be released on Friday.
“Investors can stay away from the market and reduce investment until things clear about the financial crisis (Yes Bank and Coronavirus) due to volatility and apprehension due to the current environment”, expert said in interview.
Earlier the Bombay Stock Exchange’s major index Sensex fell 720.67 points, or 1.88 percent, last week. Due to regulatory restrictions on Yes Bank, the Sensex lost 894 points on all-day buying on the same day on Friday.
The bank’s stock fell more than 55 percent on Friday after the Reserve Bank’s ban on Yes Bank.