Covid resurgence dents equities; bank stocks plunge
Resurgence of domestic Covid cases as well as high valuations dented India's equity indices on Monday.
Market retreats for 2nd day on negative global cues
Mumbai, April 5 Resurgence of domestic Covid cases as well as high valuations dented India's equity indices on Monday.
Accordingly, market opened on a flat note as rising corona cases led to negative sentiments.
Consequently, the S&P BSE Sensex at around 1.15 p.m. was down by 1,013.76 points, or 2.03 per cent, to 49,016.07 points from the previous close.
The NSE Nifty50 on the National Stock Exchange traded at 14,581.10, down by 286.25 points, or 1.93 per cent, from its previous close.
"We can expect a recovery in the Indian market as well and the market can be expected to be in the range of 14350-14900 in the coming week. Although the increase in corona cases can give an opportunity to bears to make a strong grip on the market," said Gaurav Garg, Head of Research at CapitalVia Global Research.
"HCLTECH, Britannia are the top gainers while IndusInd Bank and Bajaj Finance are the top losers on Nifty."
