CAMS gains on business opportunity
- Amid the market chaos, India’s largest mutual fund registrar and transfer agent CAMS gained 4.3% coupled with above average volumes.
- Today’s rise continues the upward trend in the stock from last week during which it rose 6.8%. High investor interest was seen after the company announced last week that it could soon become a Central Record Keeping Agency under the National Pension Scheme (NPS).
Travel stocks hit badly
- For weeks, it seemed like travel stocks were seeing light at the end of the tunnel. But, today, investors turned sellers after certain countries including India suspended flights from the UK till 31 December. In general, people could again turn cautious before travelling, whether globally or locally.
- Airlines and hotel stocks were badly hit today as Indigo (-9.3%), Spicejet (-9.9%), Indian Hotels (-7.7%), EIH (-6.8%) and Chalet Hotels (-9.2%) saw heavy selling.
New coronavirus strain shocks the markets
- The new strain of coronavirus found in the UK has shaken equity markets across the world. At the time of writing this edition of the market recap, major European markets were down 3% and Dow futures were down 1.6%.
- Volatility was also seen in gold prices which, after gaining 1.4% in the morning, dropped by 1.2%. Meanwhile, the safe-haven US dollar saw a sharp jump of nearly 0.7%.