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Sensex, Nifty plunge for second straight session: 4 factors behind the market crash

July 21, 2021 02:09 PM

Sensex, Nifty plunge for second straight session; 4 factors behind the market crash
Sensex, Nifty plunge for second straight session; The crash comes a day after Sensex closed 586 points lower at 52,553 and Nifty fell 171 points to 15,752.

Indian benchmark indices slipped for the second straight session today as global markets were roiled by concerns over growing cases of Delta variant of Covid -19 in UK, US and most parts of Asia. Sensex, Nifty plunge for second straight session, Sensex fell 540 points to 52,013 and Nifty lost 174 points to 15,578 in afternoon session.

Sensex, Nifty plunge for second straight session; The crash comes a day after Sensex closed 586 points lower at 52,553 and Nifty fell 171 points to 15,752. Here’s look at four factors that led the Indian equity market lower today.

Rising cases of coronavirus variant: Rising cases of the highly contagious Delta variant of coronavirus in UK, US and mostly all parts of Asia have threatened to derail the global economic recovery.

With three days to go for the Tokyo Olympics, several athletes and more than 60 other non-athletes affiliated with the Games have tested positive. The Japanese government has decided to hold the games without spectators.

In US, the average number of daily new COVID-19 cases has tripled in the past 30 days, according to an analysis of Reuters data. The cases climbed to 32,136 on Sunday. The average number of people hospitalised with COVID-19 has also risen 21% over the past 30 days to over 19,000, according to Reuters analysis. Deaths rose 25% last week to an average of 250 per day.

Also Read: Sensex Update: Sensex falls 355 points, Nifty gives up 15,650

Sell-off in global markets: Global markets are crumbling as a resurgence of Covid-19 cases could lead to re-imposition of lockdowns across major economies of the world.

On Wall Street, S&P 500 fell 1.6% to 4,258.49, after setting a record just a week earlier. The Dow Jones Industrial Average slumped 2.1% to 33,962.04, while the Nasdaq composite lost 1.1% to 14,274.98.

In Asia, Japan’s Nikkei 225 slipped 0.9% to 27,417.75. South Korea’s Kospi shed 0.6% to 3,226.19. Australia’s S&P/ASX 200 declined 0.5% to 7,252.20. Hong Kong’s Hang Seng lost 1.1% to 27,189.43, while the Shanghai Composite fell 0.2% to 3,531.54.

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