Sensex, Nifty Extend Losses To Second Day Amid Rising Coronavirus Cases

Written by Sandeep Singh

03 Apr 2020, 03:32 PM IST

Gains in pharma and consumer goods shares offered some support to the markets

Both benchmark indices trimmed some of those losses by the end of the session, though still adding to a 4 per cent fall in the previous session. The Sensex ended 674.36 points - or 2.39 per cent - lower at 27,590.95, and the Nifty shut shop at 8,083.80, down 170.00 points (2.06 per cent) from the previous close.
In the 50-scrip Nifty basket, 30 stocks ended lower. Axis Bank, IndusInd Bank, ICICI Bank, Titan, Shree Cement and SBI - closing between 5.66 per cent and 8.85 per cent lower - were the top percentage losers in the index. On the other hand, Sun Pharma, Cipla, ITC, GAIL and ONGC - ending between 6.16 per cent and 9.58 per cent - were the top Nifty gainers.
The Nifty Bank index - comprising stocks of 12 major lenders in the country - finished with a loss of 5.27 per cent, having slumped 5.85 per cent during the session.
Analysts say investors are still on the back foot as coronavirus cases showed no signs of abating.
"While rising coronavirus cases continue to spook global markets, weak GST collections and expected widening of fiscal deficit are adding to concerns about an already-struggling economy back home," Anita Gandhi, director at Arihant Capital Markets, told NDTV.
Active coronavirus cases in India rose to 1,860 as of Thursday evening, government data showed, while 53 died from the infection.
Meanwhile, the Reserve Bank of India trimmed the timings for currency and debt markets by up to 5 hours in view of the coronavirus (COVID-19) pandemic. The new timings - from 10:00 am to 2:00 pm will be in effect from April 7 to April 17.
Equities elsewhere in Asia continued to decline, with MSCI's Asia-Pacific index outside Japan dipping 0.15 per cent after oil prices retreated from their highest single-day rise in the previous session.
Brent crude futures - the global benchmark for crude oil - were last seen trading 3.27 per cent lower at $28.96 per barrel, after having soared 21 per cent on Thursday.
Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths. In India, an ongoing 21 day lockdown has brought Asia's third-largest economy to a halt.

(With inputs from Reuters)