Decreasing COVID-19 cases 2nd biggest trigger for stock markets now, says Anil Singhvi
India has recorded 2.81 lakh new Covid-19 cases on May 16 which is below the 3 lakh mark for the first time after April 20. Anil Singhvi, Managing Editor at Zee Business said that the falling number of Covid-19 cases is the second big sign after global markets for the markets at the beginning of the week.
India has recorded 2.81 lakh new Covid-19 cases on May 16 which is below the 3 lakh mark for the first time after April 20. However, 4,106 deaths have also been reported in the last 24 hours. The decreasing cases of corona have reduced panic in cities but there is a worrisome situation in rural areas.
Anil Singhvi, Managing Editor at Zee Business said that the falling number of Covid-19 cases is the second big sign after global markets for the markets at the beginning of the week. He further said that doubts on the economic data or results for the coming six months or two quarters, that is April-June and July-September, have also reduced.
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"There is no doubt that panic has reduced in economically sensitive cities like Mumbai. But covid is still spreading in rural areas and small cities, which is not a reason to be confident or happy," Singhvi said.
Talking about the impact of falling cases on market he said, "When more than 4 lakh cases were recorded then also the market did not fall much, but there are two things to consider now - first, look at corona with markets point of view and second eye it on a human life's point of view."
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"If we look at it from Human life's perspective, then there is nothing to get relieved about and think that the situation is back to normal. But from the market's perspective, there is a sense of relief. When the country recorded more than 4 lakh Covid cases in a day then also market did not break the support range of 14,200-14,400," he added.
The Market Guru further said, "Now it is around 14,600-14,700 so there is one thing which will give comfort and confidence and that is the lower end of the trading range will not be broken easily."
"The decreasing covid cases will also lower the doubt for economic growth for the current quarter (April-June) and the July-September quarter," the Market Guru said.
The biggest trigger are the global markets, which will provide comfort and confidence here.
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