Sensex, Nifty slip as virus surge spurs profit taking

The Nifty and Sensex have gained more than 33 per cent each since India first went into lockdown in late-March. - Reuters
The Nifty and Sensex have gained more than 33 per cent each since India first went into lockdown in late-March. - Reuters

Dubai - The NSE Nifty 50 fell 0.52 per cent to 11,157.30 by 0449 GMT and the benchmark S&P BSE Sensex 0.48 per cent to 37,961.01.



by

A Staff Reporter

Published: Fri 24 Jul 2020, 2:41 PM

Last updated: Fri 24 Jul 2020, 4:52 PM

Indian shares slid on Friday as investors took profit on some of this week's big gainers following a record jump in daily domestic cases of the novel coronavirus, with a muted start in broader Asian markets also denting sentiment.
The NSE Nifty 50 fell 0.52 per cent to 11,157.30 by 0449 GMT and the benchmark S&P BSE Sensex 0.48 per cent to 37,961.01, with banks and financials leading the declines. However, both the indexes were on track for a fifth straight weekly gain.
The Nifty and Sensex have gained more than 33 per cent each since India first went into lockdown in late-March, while Covid-19 cases that numbered in hundreds at that time, have touched 1.29 million by Friday morning, according to government data.
Broader Asian markets were also muted as China vowed retaliation against the United States after Washington closed Beijing's consulate in Houston, Texas.
In Mumbai, the Nifty banking index, which tracks both state-owned and private-sector lenders, and the Nifty financials index slid about 1.9 per cent each.
Axis Bank was the top laggard on the Nifty, falling 3.4p er cent, followed by large shadow lender HDFC Ltd, which slid 3 per cent.
Reliance Industries rose for a sixth day and hit a fresh record high after a media report said Amazon was in talks for a potential investment in the conglomerate's retail arm. The stock gained 4.48 per cent and helped limit losses on the indexes.
Pharma shares also gained, with the Nifty pharma index rising as much as 1.5 per cent. Drugmaker Sun Pharma rose 3 per cent.
Meanwhile, Indian rupee slipped 8 paise and settled at 74.83 against the US dollar to quote at Dh20.38 on Friday as weak domestic equities and escalating tensions between the US and China weighed on investor sentiment.
The rupee opened on a weak note at 74.94 at the interbank forex market, and finally closed at 74.83 against the US dollar, down 8 paise over its previous close of 74.75 against the greenback.
During the session, the domestic unit touched an intra-day high of 74.80 and a low of 74.98 against the US dollar.
Forex traders said concerns over growing tensions between the US and China dragged down the local unit.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 94.72. - With inputs from agencies, business@khaleejtimes.com


More news from Business