Sensex tanks 1,688 points. Should you press sell button?

sensex tanks 1688 points should you press sell button

Sumary of Sensex tanks 1,688 points. Should you press sell button?:

  • The domestic market was already seeing sharp foreign outflows amid rising inflation globally and a hawkish US Federal Reserve stance.
  • The fresh Covid fears may result in a flight to safe havens and selling in riskier assets, which could only increase equity outflows from emerging markets like India.
  • Data showed investor wealth, as measured by BSE market capitalisation, plunged Rs 7.36 lakh crore to Rs 258.30 lakh crore from Rs 265.66 lakh crore a day ago, with severe fall coming in the second rung indices that fell up to 3 per cent.
  • Fear gauge India VIX soared 24.84 per cent to 20.80. Data available with depository NSDL showed foreign portfolio investors were net sellers to the tune of Rs 14,800 crore in the last three sessions, which has dragged down monthly inflows figure to Rs 1,573 crore.
  • Hemang Jani of Motilal Oswal Financial Services noted that EU has announced temporary ban of flights from South Africa and few EU countries are already under full lockdown scenario.
  • So markets might continue to reel under pressure and would actively track Covid situation globally,” Jani said.
  • The fresh news sent investors flocking to the safe haven yen, strengthening the currency after weeks of declines against the dollar, and weighing on the market.
  • Investment guru Jim Rogers, however, believes that central banks globally would come to the market rescue if things go downhill from here on.

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