oppn parties Stocks In Danger Of Entering Bear Region

News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
Devendra Fadnavis to be the next chief minister of Maharashtra after Eknath Shinde agrees to join the government as deputy CM
oppn parties
Stocks In Danger Of Entering Bear Region

By Ashwini Agarwal
First publised on 2022-06-17 08:27:04

Global cues once again caused the Indian stock market to go weak in the knees and the result was huge losses for the investors. Consequent to the high inflation in the US and hiking of interest rates by the US Fed and the Bank Of England, markets all over the world tumbled on Thursday and the Indian markets followed the lead. Sensex went down by 1046 points to 51496 and Nifty by 331 points to 15360, resulting in a wipe out of Rs5.6 lakh crore investor wealth.

The trading session on Thursday was volatile as the Sensex was down 1700 points from the day’s high before it recovered to close at just 1046 points lower than its closing point on Wednesday. But that was enough to take it to its lowest level in 52-weeks. The market is not getting any support from the FIIs which have pulled out nearly Rs 2 lakh crore from Indian markets in 2022 as the US Fed indicated that it would raise rates going forward.

The US markets – S&P 500 and Nasdaq – are already in the bear zone (meaning they are 20% lower than the all-time high). The Indian indices are also in the danger of entering the bear territory as they have slid 17% from the all-time intraday high of 62245 achieved in October 2021. The current meltdown has not even spared the new-age crypto assets as investors have become jittery after stagflation fears in the US.

But experts have advised small investors not to panic and wait as the markets will recover by the end of this year. They have also advised small investors not to make more investments as the bottom has not been reached yet. This is the time to be cautious and not to incur losses by being rash.