Indian shares succumbed to heavy selling pressure on Monday as spoking Covid-19 cases in the country and fears over fresh lockdowns in some states dented hopes for a swift economic recovery from the pandemic.
India has recorded a massive surge of 169,899 Covid-19 cases and 904 deaths in the last 24 hours, breaking all records and overtaking Brazil to become the second-most affected country globally by the novel coronavirus.
Maharashtra remains the worst-affected state with as many as 63,294 new cases, 34,008 recoveries and 349 deaths in the last 24 hours.
Global brokerage company Nomura has cut India’s GDP forecast to 12.6 percent from 13.5 percent forecast earlier, reflecting the pandemic drag on the economy.
Barclays has maintained FY22 real GDP growth forecast at 11 per cent year-on-year for now, but cautioned against the downside risk if the covid-19 lockdowns and night curfews are tightened further.
The benchmark S&P BSE Sensex ended the session down as much as 1,707.94 points, or 3.44 percent, at 47,883.38, while the broader NSE Nifty index plunged 524.05 points, or 3.53 percent, to 14,310.80.
Selling was seen across the board, with the exception of healthcare stocks. UPL, Bajaj Finance, IndusInd Bank, Adani Ports and Tata Motors lost 7-10 percent.
Dr Reddy’s Laboratories soared 7.1 percent, Cipla rallied 2.7 percent and Divis Laboratories gained 1.1 percent after the government ordered prohibition on the export of Remdesivir drug and injection “till the Covid-19 situation in the country improves.
Market Analysis
Sensex Plunges 1,708 Points On Covid Worries; Nifty Nears 14,300
2021-04-12 10:33:20
