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Why are the markets on the downfall?

The S&P BSE Sensex is down 1,101.68 points (3.28 %) at 32,436.69, while the broader Nifty 50 was at 9,544.95, down 357.05 points (3.61 %).

The benchmark equity market indices on the BSE and National Stock Exchange (NSE) opened over 3 % lower on Friday tracking losses in the global markets

On Thursday, the Sensex had crashed 708.68 points (2.07 %) to end at 33,538.37, while the Nifty settled below the 10,000-mark at 9,902.00, down 214.15 points (2.12 %).

All the stocks on the Sensex were trading in the negative territory during the early deals on Friday. IndusInd Bank,  Kotak Mahindra Bank, Axis Bank, Bajaj Finance, State Bank of India (SBI), HDFC Bank, Larsen & Toubro (L&T), Oil and Natural Gas Corporation (ONGC), Maruti Suzuki India and ICICI Bank were the biggest losers in the early deals.

By afternoon, however, a broad recovery took place in the Indian markets with the benchmark index just 0.52% down.

Reason of the fall
The S&P BSE Sensex fell over 700 points to  33,484 levels and the Nifty50 index slipped below 10,000 marks. This fall is due to Global sell-off.
Meaning when the foreign markets, for example, New York Stock Exchange see a fall other markets also get affected by it.

On Thursday, US stock markets saw a massive sell-off with the Dow Jones cracking almost 7 per cent. US Federal Reserve’s grim outlook about the future and signs of the onset of the second wave of the COVID-19 pandemic spooked the markets.

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