SENSEX down 2603 points and Nifty down 732 points, SBI Cards listed down 13%; RBI press conference at 4 pm

The boom in US markets and the Federal Bank's cut in interest rates are also failing to give a boost to the Sensex. Indian markets are witnessing a tremendous decline due to the fear of increasing infection of coronavirus. However, Yes Bank stock has seen a jump of up to 50 percent. Due to the continuous decline in the market, RBI press conference will be held at 4 pm.

5 major reasons for the decline in the market

• The US Federal has cut interest rates to close to zero. Business and travel are being stalled due to the spread of coronavirus. The Fed took this step to fight it. After this move, buying in the bond market increased. The rupee also depreciated against the dollar.
• US stock futures declined 5% after Federal Bank cut interest rates. The Dow futures were down 4.5% at 1,041 points. The S&P 500 futures are down 4.8% and the Nasdaq futures down 4.5%. The impact of this decline was also seen on the country's markets.
• The news of increasing infection of Coronavirus in the country has increased the nervousness of investors. The number of coronavirus cases has increased in Maharashtra and Kerala. 450 Indians have also been brought back from Italy and Iran. After China, these two countries are the most affected by Corona.
• Global credit rating agency CRISIL has said that the crisis and deepening of the corona worldwide has increased the credit pressure on Indian companies. The agency has said that airlines, hotels, malls, multiplexes and restaurants will be the worst hit.
• There is also pressure on the market due to foreign institutional investors withdrawing money from domestic markets. Investors have so far pulled out Rs 35,000 crore in March. Investors are nervous due to the spread of coronavirus.