[FINANCIAL NEWS] The new strain of coronavirus discovered in UK triggered a decline in the market. A correction was on the cards anyway and it was just a matter of time as indices had rallied for seven consecutive weeks.
Experts see the momentum slowing down further as we approach the holiday season, and the Indian market could possibly see a 5 percent downtick in the near term. It was Manic Monday on D-Street after reports of a new Coronavirus strain was found in Britain. The reports further suggest that the new strain of the virus is estimated to be 70% more infectious which triggered a sharp sell-off in markets across the globe. The S&P BSE Sensex which climbed Mount 47K and Nifty50 closed above 13700 for the week ended December 18 faced with intense selling pressure on Monday that pushed the benchmark indices below crucial support levels. Indian market witnessed its worst single-day fall in seven months which wiped out around Rs 7 lakh cr in terms of market capitalization on the BSE.