Investors' Holi: The Biggest History Bounce in Sensex-Nifty

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Mumbai, 9 Mar 2020 Monday

Crude oil prices have dropped 30% in the international market due to corona virus. So now crude oil has become cheaper than water.

Because, the price of crude oil in the Indian market has dropped to Rs 2,200 per barrel. This is the biggest one-day drop in crude oil prices since the 1991 Gulf War. However, the decline is mainly due to the decline in oil prices by Saudi Arabia.

Corona virus and Yes Bank provoked outcry

One barrel contains 159 liters of crude oil. Thus, the price of 1 liter crude oil will be around Rs 13-14, which is less than a 1 liter water bottle. Because, we have to pay at least 20 bucks for a bottle of water.

The Indian stock market has struggled since Monday due to the Corona virus and Yes Bank. The Sensex lost nearly 2357 points. So the Nifty also dropped by more than 600 points. However, Yes Bank's stock has seen a 34% jump.

Historical decline

This is the largest decline in the Indian stock market so far. On the 24th of August 2015, the Sensex fell 1624 points.

Investors were appalled by such a huge downturn in the market. Crude oil prices have dropped 30 percent on Monday due to the outbreak of the Prize War and Corona virus over crude oil.

Multi Commodity Exchange

On the Multi Commodity Exchange, the trade for crude oil on MCX declined by Rs 997, or 31.56 per cent, to Rs 21.62 a barrel.

On the other hand, in the international futures market, on the Intercontinental Exchange, ICE, Brent crude, traded at $ 33.27, down 26.51 percent in the previous session, while the previous price was down by $ 31.27 per barrel.

No worries

Anuj Gupta, deputy vice president of Angel Broking, said the Saudi had announced the price war after OPEC and Russia did not agree on a cut in oil production.

He said such a price war was seen in 2015, when Saudi said it would not worry, even if crude prices fell to $ 20 a barrel.

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