Indian shares subdued as coronavirus cases surge, ITC falls

Dubai - S&P BSE Sensex dropped 0.2 per cent to 30,546.97.

Indian shares edged lower on Wednesday due to losses in conglomerate ITC, and as surging domestic coronavirus infections dampened economic growth outlook, while rising US-China tensions also weighed on sentiment.
The NSE Nifty 50 index fell 0.2 per cent to 9,014 by 0413 GMT, while the S&P BSE Sensex dropped 0.2 per cent to 30,546.97.
On Tuesday, the Sensex had ended 63.29 points - or 0.21 per cent - lower at 30,609.30, and the Nifty settled at 9,029.05, down 10.20 points - or 0.11 per cent - compared to its previous close.
ITC Ltd fell 2.4 per cent and was the top drag on the bluechip Nifty 50 index.
Meanwhile, the number of coronavirus cases in India surged past 151,700 as of Wednesday, with growth rate of new infections showing no sign of slowing despite a strict weeks-long lockdown.
Shares of Titan Company Ltd fell 2.3 per cent after the company said on Tuesday its operating cash flow was negative in the last two months due to virtually zero sales during the first 6 weeks of lockdown.
India has been under a nationwide lockdown since March 25 to contain the spread of the coronavirus, but Asia's third-largest economy has taken a huge hit as a result. Fitch on Tuesday projected Indian economy to contract 5 per cent this fiscal year.
Meanwhile, Indian rupee opened flat at 75.67 per US dollar, to quote at Dh20.61 against previous close of 75.66. The currency was trading marginally higher at 75.60 per dollar, amid buying seen in the domestic equity market. - With inputs from Reuters, business@khaleejtimes.com