The outbreak has also significantly increased the chance Beijing doesn't comply with all of the terms of a Jan. 15 initial trade agreement signed with Washington, potentially reigniting a damaging trade war between the world's two largest economies.
Technical analyst, Sudarshan Sukhani of s2analytics.com spoke with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.
Finance consultancy firm Darashaw feels that the market will return to normalcy if it goes beyond 19,200 till the end of September. He also feels that the rupee has seen its worst at 68.80/USD levels and expects it to find base between 64 and 62/USD.
Holdings by foreign institutional investors (FIIs) have reached an all-time high; data revealed by several brokerages reveal. However, it also raises the potential risk of a major pullout if the market conditions did not favour them.
Ambareesh Baliga of Edelweiss Services recommends selling Tata Motors at the current market price on lack of meaningful upside.
Sanjay Dutt, director, Quantum Securities explains on CNBC-TV18 that liquidity is still very sparse in the system and the downside is limited after the recent correction. Dutt adds that structural hurdles needed to be addressed to improve investor-sentiment and expects PSU banks to correct by 10-15 percent from current levels.
Aadil Ebrahim, investment manager, Bowen Capital Management joins CNBC-TV18 to give his outlook of the market. He says that the market is indeed bracing for a downside, and an upside seems limited.
It was a horrible day for the markets, no getting away from that. The Nifty closed just above the 5300 level, down over 80 points. Does this count as a breakdown and paves the way for more downside or is the capitulation getting oversold in the near-term?