Indian stocks tank as COVID-19 surges |
Indian equity market benchmark Sensex plunged over 600 points in early trade on 3rd May, tracking losses in index-heavyweights Reliance Industries, HDFC twins and ICICI Bank amid a negative trend in Asian equities. The 30-share BSE index tanked 607.32 points or 1.24 per cent to 48,175.04 in initial deals. Similarly, the broader NSE Nifty tumbled 152.45 points or 1.04 per cent to 14,478.65. In the previous session, Sensex sank 983.58 points or 1.98 per cent to finish at 48,782.36, and Nifty fell 263.80 points or 1.77 per cent to 14,631.10. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,465.07 crore on 30th April, while domestic institutional investors (DIIs) purchased shares worth Rs 1,419.31 crore, according to provisional exchange data. Notably, a persistent rise in the second wave of COVID-19 cases, increasing death cases and extended partial lockdown announced by several states are expected to keep economic momentum soft for May also.
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