Nifty Crashes, Time to shop yet?

by Prateek Mazumder on Market Analysis

Its been quite a disastrous day in the global markets today. Indian markets were not spared from the downfall as well. Nifty fell -490 points (-5.92%) to close at 7809. The global markets were in a panic as well as DJIA fell 3.12% followed by S&P500 (3.19%), FTSE100(-4.19%), NIKKEI(-4.61%), CRUDE OIL (WTI) (-4.20%). More details about the markets have been presented by Mr. Abhijit Paul in this short video below.

Brent and US crude oil fall below 6.5 year lowToday Brent and US crude oil futures made a fresh 6.5 year low falling below $45 and $40 mark per barrel respectively as investors expecting that slowdown in Chinese economy may lead to weaker demand vis a vis excess global supply.

Nifty below 8000 mark – The market today has opened with a big gap down on the back of poor global sentiment which came from China that cracked more than 8%. All the global indices are down by 3-10 % as the investors are worried over Chinese economic growth. Sensex and Nifty both down by more than 6% and Nifty just manage to close above 7800 mark. All the Nifty stocks were trading in red and down by 1-12%. The weakness came not only from the frontliners but the panic seling came from the broader markets.

Indian currency at its lowest level since September 2013The currency has opened at 66.47/ $ down by 65 paise which is the lowest level seen since September 2013 due to global market fear of China led global market slowdown.The Indian rupee has fallen around 4% in the last two weeks but however Indian rupee was a relative outperformer as compared to its global markets counterparts.

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