Asian markets including India, China open down | Bitcoin continues Bearish

Asian stock markets, including the Shanghai Composite Index, and India's Sensex, started the week with a lower opening. Bitcoin continues to maintain a Bearish outlook.

Stock markets around the world started on a downslide amidst rising Coronavirus cases and tumbling crude oil prices. The West Texas Intermediate (WTI) prices stand at $20.28 a barrel.

  • S&P 500 futures were down 1.1%, and the S&P 500 Index was down 3.4%
  • China’s Shanghai Composite Index was down 1.59%
  • Hong Kong’s Hang Seng Index was down 1.29%
  • NSE Nifty 50 Index is down 1.99%

Indian BSE Sensex, Nifty open low; Stocks tumble

India’s Sensex and Nifty open lower on Monday as the cloud over the COVID-19 situation still looms. There have been several measures by the monetary panel to keep the economic situation in place. However, the IMF predicts a long term impact of a pandemic will be felt in the financial markets. 

 

Some stocks in focus are:

  • Bajaj Finance down by 9.28% and currently trading at Rs. 2,306.
  • HDFC Bank is down by 3.5% and currently trading at Rs. 872.40
  • Axis Bank down by 3.11% and currently trading at Rs.370.9
  • Abbott India is at a 52 week high and is trading at Rs. 15,439.95, up by 9.19%

 

China’s stock market down amidst speculation of a prolonged lockdown

The Shanghai Composite Index is down by 1.59% over speculations that the lockdown might last for months. If that happens, it will cause unimaginable damage to the Financial markets. The crucial question is whether the stimulus in place for tackling the COVID-19 will be enough. 

 

Some of the major stocks listed in the Shanghai Stock Exchange are:

  • Petrochina is down by 2.53%
  • Industrial and Commercial Bank of China is down by 0.38%
  • China Petroleum & Chemical is down 0.67%

 

Bitcoin: Bearish Outlook continues

The uncertainty over the Coronavirus crisis hasn’t helped the Bitcoin overcome the Bearish consolidation phase. The BTCUSD currently stands at $6034.87. Relief packages and direct bank transfers may have halted the sliding in financial markets. However, an improvement will be truly observed when there is certainty over a p

ADVERTISEMENT

Leave a reply

Please enter your comment!
Please enter your name here