New Delhi: Market expert Akash Jindal on Thursday said the decline in Indian market is a result of weak Chinese economy as well as crude oil price being a twelve-year low.
“Crude oil is around 12-year low. Crude oil is trading around USD 30 per barrel. Because of China, because of crude oil coming down, there is a fear in the entire globe that the entire international market may hit recession. So, that’s why the impact is seen in India as well. As an economist, I feel that anything that happens in global market would have impact in India as well,” Jindal told ANI here.
“Since global markets have crashed, as an economist I feel India is having the impact of the crash of the global market. Now, what we have seen is that since August the Chinese economy has not been performing well. On a regular basis, we are listening bad news from China. As a result of this, the international market is in a recession like situation,” Jindal added.
Meanwhile, after plunging, as much as 365 points in early morning trade, the S&P BSE Sensex recovered. The Nifty managed to float above the psychological support level of 7500.
The rupee fell by 21 paise to 67.06 against the US dollar in early trade on Thursday amid selling in most Asian currencies. (ANI)