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Journalism of Courage
With Covid-19 cases on the rise, the Sensex crashed 1,708 points while the Nifty plummeted below the 14,350-level on Monday as investors pressed the panic button amid the massive second wave of coronavirus pandemic across the country. The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended around 3.5 per cent lower on the first day of the week.
Posting its biggest fall since February 26, the 30-share BSE Sensex sank 1,707.94 points or 3.44 per cent to end at 47,883.38. Similarly, the broader NSE Nifty plunged 524.05 points to finish at 14,310.80. Investors lost Rs 8.77 lakh crore in the session, with the market capitalisation of BSE-listed stocks declining to Rs 200.85 lakh crore, PTI reported. Even the Rupee fell 26 paise or 0.36 per cent to trade at 74.98 against the US dollar on Monday.
Soon, #Sensex and #Nitfy started to dominate on social media platforms calling the day, ‘Bloody Monday’ to sum up the sorry state of affairs in the stock market. While most were left disheartened by their losses, some experienced traders shared memes to show they are optimistic, underlining that this isn’t the first time looming lockdown threats have affected the market adversely.
Here’s how netizens reacted to Monday’s share market:
https://twitter.com/__iRalph/status/1381514315715342339
https://twitter.com/ShivamMundada/status/1381526766179676161
https://twitter.com/Rohitsharma8912/status/1381536894417203200
https://twitter.com/niravpanchal111/status/1381560621137686530
https://twitter.com/zooby_ravan/status/1381535577275658241
The fresh surge in cases has raised concerns all around. While market participants feel that the economy will not close down the way it did in April and May 2020, this second wave could derail the recovery process of the economy and delay a return to normalcy. There is growing concern over looming restrictions across states which are considering lockdowns and curfews.
