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Sunday 31 May 2020

Stock market witnesses greatest 1-day boom in 10 years

Due to the decreasing pace of new cases of coronavirus disease (COVID), there has been a rise of more than 7% in the US stock market

After the US, the domestic stock market closed at a new high due to the strong boom in the Asian markets. The 30-share BSE Sensex (Sensex) gained 2,476 points to close at 30,067. At the same time, the 50-share Nifty (Nifty) of the NSE closed at 8,785 levels with a strong gain of 702 points. This is the biggest boom of a day in 10 years.

Asif Iqbal, head of research, Escort Security, said that the markets have returned to boom. Indian markets have benefited from this. In this boom, investors benefited by Rs 8 lakh crore. Let us tell you that this is the biggest boom in 10 years in terms of percentage.

Why stock market boomed

(1) Bounce in the US stock market too: Due to the decreasing pace of new cases of coronavirus disease (COVID), there has been a rise of more than 7% in the US stock market. The Dow closed up over 1600 points yesterday. The S&P 500, Nasdaq also rose higher than expected in yesterday’s trade. Asian markets are also getting stronger.

(2) Rapid support in crude oil prices: There are signs of a consensus on a crude production cut. Agreement between Russia and Saudi Arabia is possible on this. Asif Iqbal, head of research, Escort Security, says that the rise in crude oil prices supports the economy of many countries. At the same time, the big drop in prices does not benefit much but the loss is more. Because there are refining companies in India as well as a company producing crude oil.

(3) Relief package announced in Japan: A major relief package has been announced in Japan to deal with COVID. Japan has announced a relief package of Rs 75 lakh crore ($ 1 lakh crore). Meanwhile, efforts are on to find a cure for COVID. Research has shown that the use of anti-parasitic medicine in COVID treatment is possible. In lab tests, the anti-parasitic drug has been found successful in the treatment of COVID. The Australian scientist claims that the anti-parasitic drug can kill the virus in 48 hours.

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