BENGALURU: Indian shares fell sharply on Monday as Delhi imposed a lockdown to stem surging coronavirus cases, reinforcing fears of further economic pain from restrictions induced by the virus.
The NSE Nifty 50 index was down 1.77% at 14,359.45 and the S&P BSE Sensex fell 1.81% to 47,949.42.
Delhi’s government on Monday ordered a six-day lockdown as its healthcare system crumbled under the weight of new infections. The financial hub of Mumbai is already under a lockdown since April 15.
The country reported its tenth record daily increase in COVID-19 cases in 11 days as total infections pass the 15-million mark.
State-owned banks dropped for the third straight session and led the decline among peers.
Private banks also suffered as they dropped 2.6%, with top private-sector lender HDFC Bank losing 1.1%.
Energy stocks fell 2.7% as oil prices dropped on fears of further restrictions.
Auto stocks dropped over 2.8%, with Maruti Suzuki India Ltd falling more than 2%. Bucking the wider trend, pharmaceutical stocks rose 0.2% amid rising demand for drugs, medical supplies and hospital beds.
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