Top
Begin typing your search above and press return to search.
exit_to_app
Outlook for BJP in Kerala
access_time 2021-05-06T11:21:07+05:30
Not Covid deaths, but mass murder
access_time 2021-05-05T10:52:36+05:30
Poll results that carry lessons
access_time 2021-05-04T10:39:06+05:30
DEEP READ
Iran and the revival of JCPOA
access_time 2021-04-23T13:21:09+05:30
A model mosque in Gujarat
access_time 2021-04-12T17:13:34+05:30
Towards a digital emergency?
access_time 2021-02-27T14:50:41+05:30
The slaughter of democracy in Puducherry
access_time 2021-02-24T11:27:21+05:30
Populist Fascism
access_time 2021-01-31T17:19:29+05:30
Media Freedom
access_time 2021-01-31T15:47:07+05:30
exit_to_app
Homechevron_rightBusinesschevron_rightIndian stocks lose...

Indian stocks lose momentum on new COVID restrictions, Sensex down over 883 points

text_fields
bookmark_border
Indian stocks lose momentum on new COVID restrictions, Sensex down over 883 points
cancel

MUMBAI: Indian stocks closed lower on Monday following the imposition of new restrictions amid rising COVID cases in the country.

Both the key indices opened a gap down and made a feeble attempt to rise through the day. Besides, the Indian rupee fell by most in around two weeks by about 0.5 per cent to 74.89 USD. However, Asian shares gained Monday amid cautious optimism about a global rebound from the coronavirus pandemic.

On the domestic front, all sectors ended in the red except pharma. Notably, financials, especially PSU bank stocks, led to the falling sectors. Consequently, the S&P BSE Sensex closed at 47,949.42, lower by 882.61 points, or 1.81 per cent, from its previous close.

The Nifty50 on the National Stock Exchange ended the day's trade at 14,359.45, down 258.40 points or 1.77 per cent from its previous close.

"Indian benchmark equity indices ended lower on April 19 amid fears of the impact of the second wave of Covid-19 and the consequent lockdowns on the economy," said Deepak Jasani, Head of Retail Research at HDFC Securities.

Sandeep Gupta, Group Head, Dealing and Advisory, Broking & Distribution, Motilal Oswal Financial Services, said: "Sensex plummeted 2 per cent set for its lowest level since Feb. 1, following a massive across-the-board selloff as mounting Covid-19 cases spooked domestic investors."

"Fear of harsher restrictions and more economic pain amid record surge in Covid-19 cases spooked investor sentiments." Vinod Nair, Head of Research at Geojit Financial Services, said: "As the investors remain focused on the rising Covid-19 cases, the market will continue to ride on volatility."

"We can expect stability as daily cases fall in the coming weeks due to lockdown, completion of state elections and immunity with vaccination."

Show Full Article
TAGS:Sensex covid surge 
Next Story