Published On: Mon, Aug 3rd, 2020

Indian shares fall as virus cases surge; banks slip

BENGALURU (Reuters) – Indian shares fell on Monday, led by a decline in banking stocks, as the number of domestic coronavirus cases leapt by a record over the weekend and high-profile politicians tested positive.

Temperature checks at the Bombay Stock Exchange in Mumbai.

The NSE Nifty 50 index, which clocked a 7.5% gain last month, fell 0.64% to 11,002.65 by 0355 GMT, while the S&P BSE Sensex was 0.73% lower at 37,335.25.

The Nifty banking index fell 1.31%. The nation’s top private sector lender, HDFC Bank Ltd, was the biggest drag on the Nifty 50, with a 1.6% decline.

India’s tally of COVID-19 cases crossed 1.75 million on Sunday, after logging a record surge a day earlier, with the death toll at 37,364. The country has the world’s third highest caseload after the United States and Brazil.

India’s Home Minister Amit Shah, a close aide to Prime Minister Narendra Modi, tested positive for COVID-19 on Sunday, becoming the senior-most politician in the country to catch the virus.

The chief minister of the southern state of Karnataka, home to the tech hub of Bengaluru, also said here he tested positive for COVID-19.

Other Asian share markets were mixed on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan.

Disclaimer :- This story has not been edited by The Sen Times staff and is auto-generated from news agency feeds. Source: PTI

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