Indian shares fall as financials weigh, coronavirus cases spike

Indian shares fell on Wednesday, dragged down by financial stocks and weakness in global markets, as a continued surge in domestic coronavirus cases weighed on investor sentiment.

The blue-chip NSE Nifty 50 index fell 0.6 per cent to 14,718 and the benchmark S&P BSE Sensex dropped 0.7 per cent to 49,714.62, as of 0410 GMT.

India’s daily Covid-19 cases hit an over four-month high on Wednesday and the government said on Tuesday it would expand its vaccination campaign from April 1 to include everyone above 45.

Asian shares hit a two-week low on Wednesday, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential US tax hikes hit risk appetite, leading to a flight to safety.

Shares of speciality chemicals maker Anupam Rasayan India are set to debut in the Mumbai market after its 7.60 billion rupees initial public offering was subscribed over 44 times.