FTSE 100 rebounds after heavy losses, Sensex and Nifty tank

Indian stocks crash despite positive global cues as coronavirus second wave continues to wreak havoc in the country

<p>FTSE 100 shows recovery but fails to reach the level of 7,000 again</p>

FTSE 100 shows recovery but fails to reach the level of 7,000 again

London stocks witnessed some rebound on Wednesday and closed in positive territory, with travel and tobacco companies bouncing back strongly.

The FTSE 100 closed up 35 points, or 0.5 per cent, at 6,895, after a heavy 2.0 per cent fall on Tuesday. It nonetheless failed to reach back up to 7,000, a level it attained last Friday for the first time in over a year. The domestically focused FTSE 250 ended lower by 22 points, or 0.1 per cent, at 22,085.

The major European equities also ended higher on Wednesday, with the CAC 40 in Paris ending up 0.7 per cent, while the DAX 30 in Frankfurt rose 0.4 per cent.

Stocks on Wall Street snapped out of a two-day losing streak, recovering from concerns of weaker tech earnings and the rising tally of Covid-19 cases in the world.

The S&P 500 gained 38 points, or 0.9 per cent, to end at 4,173, getting a boost in the later session. The Nasdaq Composite added 163 points, 1.2 per cent, to reach 13,950. The Dow Jones Industrial Average added 316.01 points, or 0.9 per cent and closed at 34,137.

Positive global cues helped Asian markets bounce back on Thursday with Japanese stocks recovering from two days of losses and most leading indexes trading in the green, except Shanghai Composite which is seeing a volatile session.

After a positive start, Nikkei 225 traded 2 per cent higher around noon, with Taiwan Index 0.84 per cent higher, Kospi 0.49 per cent up and Hang Seng 0.52 per cent, staying in green throughout the forenoon session. Shanghai Composite is trading slightly lower at 0.049

Australia’s S&P/ASX 200 also edged higher trading 0.45 per cent up.

Indian indexes tanked on opening on Thursday, as India’s devastating second coronavirus wave continues to worsen. The country’s GDP growth forecast by Care Ratings has been revised down to 10.2 per cent in 2021-22 from an earlier projection of 10.7-10.9 per cent.

The BSE Sensex opened more than 450 points down, while Nifty 50 slipped below 14,200.

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