A day before the Holi in the country's stock market, there is chaos on the market. BSE's Sensex was trading at a level of 35,486.82, down 2089.80 points, or 5.56%, at the time of writing the news. The NSE Nifty was also trading at the level of 10,421.60, breaking 567.85 points i.e. 5.17%. Sensex and Nifty have been seen trading at a 52-week low. On the other hand, shares of Sensex declined the most with ONGC (14.08%), Reliance Industries (10.71%), IndusInd Bank (8.78%), Tata Steel (8.03%), ICICI Bank (7.60%) and TCS 6.67%. In all the Sectoral Index red marks, the sharp decline in the metal. When it came to sectoral indices, the Nifty metal saw the maximum fall of 7.28%. Nifty Media recorded a decline of 7.12%, Nifty Private Bank 6.21%, Nifty Bank 6.09%, Nifty PSU Bank 5.49% and Nifty Realty declined by 4.52%. All sectoral indexes were seen trading in red marks.

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Yes Bank shares rise
Despite the earthquake in the stock market, Yes Bank shares were seen trading with a strong boom. While writing the news, Yes Bank shares were trading at Rs 20.85, up 29.10%. On the other hand, the impact of the purchase of shares by the State Bank of India and the assurance by RBI to the bank's consumers was seen on the shares of this troubled bank. RBI had assured customers of all banks by tweeting that their money is safe in banks.

Why Broken Markets?
Today the stock markets around the world are witnessing a decline. Asian stock markets are also not untouched by this. On Monday morning, Japan's Nikkei 225 saw a decline of 5.5% after the economic data was released. Hong Kong's Hang Seng was seen trading down 3.5%. Kospi (South Korea) saw a decline of 3.9%. Let us know what are the reasons for this tremendous decline in the Indian stock market.

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Saudi Arabia drastically cuts Crude Oil prices
According to a Reuters report, on Monday, crude oil prices recorded the biggest drop since 1991. Saudi Arabia cut crude oil prices in view of the declining demand due to the Coronavirus, which led to Brent oil's futures falling nearly 30% shortly after opening for trading in Asia on Monday. Generally, the fall in crude oil prices is a good sign for the Indian economy as we import more than 80% of our requirements. However, this news is not good for the markets. On the other hand, the stock markets generally do not take this as a positive sign and they believe that this may slow down global economic activity.

Corona virus havoc
According to a Reuters report, the coronavirus, COVID-19, has 1,07,000 people worldwide. The economy which has taken the form of epidemic has adversely affected the economy. Rating agency Moody's Investors Service has said in its latest report that in 2020 the growth of G-20 countries due to coronavirus will be reduced by 0.3% to 2.1%. The G20 countries include the US, Euro zone, Japan, Germany and the United Kingdom as well as emerging economies such as China, India, Brazil, Russia and Mexico. Moody's lowered the 2020 growth estimate to 5.3%, given the potential impact of the coronavirus on the Indian economy. It reduced the growth estimate of 2020 from 6.6% to 5.4% on 17 February.

Yes Bank crisis
The news of SBI's revival of Yes Bank may see a sharp rise in its shares. Currently, after the RBI imposed a moratorium on Yes Bank last week, its market cap fell drastically resulting in over Rs 5,000 crore worth of shareholders. RBI has also assured the customers of banks that their money deposited in any bank is safe. Market experts believe that the Yes Bank crisis will outweigh the stock market.

Sensex at 35,640.62; down by 1936.00 points. pic.twitter.com/NCSCsda8n4

— ANI (@ANI) March 9, 2020

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