Markets crashed by 1448 points to 38279.29 points being the sensex and the Nifty by 431.50 or 3.71% to 11.201.80. The fall was so bad,out of 2620 companies traded, Advances were 457, declines were 2011,unchanged were 153. The carona virus is causing havoc around the world. The virus, which started in China has spread to many places. It has spread to South Korea, Iran, California, and likely to cover many places. The economic losses are enormous, first Chinese production facilities are closed, and they are not working with offices closed. Lot of raw materials come from China, and it is a trading partner with many countries. Eg.. Bajaj, have got plants in China, leading to stop in production. This will in turn lead to loss of production, and no trade leading to losses. This will lead to loss in Markets share and less profits, leading fall in stock prices, we are seeing now.
Some companies might benefit. As, petroleum dependent country like India will benefit as the cost of imports will go down, leading to savings in foreign exchange. Only time will tell to heal the markets from fear and the virus after effects. The virus has to be contained and then only things will improve.
