The decline in the Indian stock markets was devastating for the investors as not only the benchmark indices but also most of the shares nosedived into deeper and deeper red.
Additionally, the second wave of the Corona pandemic also makes achieving the GDP growth rate of 11% and the earnings growth of more than 30% a pipe dream. This has been claimed in a national financial newspaper report.
To make matters worse, the Dollar Index has been scraping the bottom of one month low against its peers. Also, the Benchmark US 10 Year Treasury yields are falling face first into multi-week lows.
Finally, the European Central Bank is meeting this week on Thursday and expectations are that no changes will be made.
Performance in international markets
However, one big market in Asia-Pacific was holding strong – Japan. Its index was almost at the closing price on the last trading day.
Similarly, the markets of Australia were mildly in green, and so were New Zealand, and South Korea.
Battle of bulls and bears
Now, the development in India and the world are conflicting with each other.
Though, in all this bloodshed, just like one year back, pharmaceutical companies are in the green.
Talking about sectors, banking, automobiles, and realty are leading the decline.
Sector pharmaceutical is barely negative but the IT sector is somehow positive, holding around 0.5% higher.
Fear index is off the charts
The fear index of India, India VIX is off the charts. At the time of writing, this index is up by more than 11% from the last closing price. This indicates much worse coming days for investors.