Nifty Fall - 4 factors weighing on Indian equities - 26.11.2021
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Nifty Fall - 4 factors weighing on Indian equities - 26.11.2021
Nifty Fall - 4 factors weighing on Indian equities - 26.11.2021
Asian markets were trading in the red on the back of COVID concerns amid rising cases in Europe and the World Health Organization saying it was monitoring a heavily-mutating variant found in South Africa.
1. COVID worries resurface: The World Health Organization has flagged a new variant, which is heavily mutated, in South Africa. It is expected to convene an emergency meeting to discuss the rapidly spreading strain, which could make vaccines less effective.
2. Asian markets in the red: The surge in coronavirus cases in Europe once again threated to disrupt trade and travel, which spooked investors and dragged Asian markets lower today. US markets were closed on Thursday for a holiday.
3. Oil falls on concerns of rising surplus: Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.
4. Metals, financials under pressure: The Nifty Metal index was down 3% at 10:40am, with all the components in the red. Financials, which make up for the highest weightage on Nifty, also saw heavy selling on Friday, with the Nifty Bank index trading 2.9% lower on Friday.
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