Anticipating the rapid spread of COVID-19 and its possible impact on the economy, the benchmark stock indices lowered by about 3.5% on Monday. The slowdown was led by a slowdown in banking and finance stocks.
The S&P BSE Sensex fell 1,707.94, or 3.44%, to close at 47,883.38. Dr. Except Reddy’s Laboratories, all 30 Sensex stocks closed in red. The top three losers include IndusInd Bank (down 8.6%), Bajaj Finance (7.39%) and SBI (6.87%). The NSE Nifty 50 also fell by 524.05 points or 3.53% to 14,310.80. The top beneficiary is Dr. Reddys and Cipla were.
Dealers said that recording its sixth straight session of losses, the rupee fell to a nearly 9-month low, closing 32 paise at 75.05 against the US dollar.
“Due to rising cases of COVID-19 and fear of a possible lockdown… our sales declined. [stock] The market, which resulted in a major shortfall compared to its global peers, ”said Ruchit Jain, senior analyst (technical and derivatives), Angel Broking.
“We expect the rupee to be weaker against the USD as others [emerging market] Currencies, and we expect that for the next six months, the Indian economy can fit in and start over; R Venkataraman, MD, IIFL Securities, said that the relatively slow progress of vaccination in India meant that we would be better off than in the US.
.
Leave a Reply