Due to the fear of Coronavirus mayhem like situation is witnessed in the stock markets of the Country, equity investors from Jharkhand are said to have lost Rs 5,000 crore only in the month of March after touching its peak in January and experts say that the markets will remain volatile in coming couple of months.
Equity benchmark Sensex and Nifty recorded the second biggest single day fall on Monday ended almost 8 per cent lower, amid heavy selling in global indices and heightened fears of Coronavirus. Indian bourses also followed their European counterparts as European stocks and US Futures also traded 4 per cent and 5 per cent lower.
Sensex closed at 2, 713 points lower and ended at 31, 390 where as Nifty lower at 756 points and ended at 9, 199 points.
All the sectors closed in Red on Monday with 8 per cent to 9 per cent fall registered in private banking, financials, reality and metal indices.
Since mid of February the stocks markets showing volatile trends and most of the days it is showing dropping trends.
Experts say that due to Coronavirus fear economic, trade and travel shutdown are impacting equities across the world. PSPK Wealth Advisor Managing Director, Pradeep Jain said that as a situation of fear gripped the investors as sectors like hospitality, tourism, transport are affected badly due to Coronavirus.
Foreign investors fled or trying to flee from India after selling their stocks which is affecting the markets badly, he added.
“Around Rs 25,000 crore invested by investors from the State and the markets recorded lose of more than 20 per cent in last 25 days so that they have lost estimated Rs 5, 000 crore.
The markets will remain volatile for at least next couple of months,” said Jain.
The Managing Director also said that the Government should take immediate effort to prevent spreading the epidemic; if it will spread then it will be difficult to control in country like India. He also said that the GDP will drop 0.50 per cent to 1 per cent due to Corona virus fear.