April 13, 2024

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Delighting finance buffs

Sensex, Nifty turn volatile after sharpest single-day rise in coronavirus cases

Markets on Friday lost early gains after India registered the sharpest single-day rise of nearly 21,000 coronavirus cases.

At 9:30 am, BSE Sensex was trading 157.60 points higher at 36,001.30, while NSE Nifty rose 0.49 per cent to 10,603.20. By 9.40 am, however, markers started showing signs of volatility both Sensex and Nifty fell.

Some of the top gainers in early trade were Bajaj Auto, Asian Paints, HCL Tech, Tata Motors, Axis Bank, BPCL and Bharti Airtel. Meanwhile, the laggards were IndusInd Bank, Tata Steel and Vedanta.

Also Read | India records 20,903 new coronavirus cases, total stands at 6.25 lakh, toll crosses 18,000

Reliance Industries Limited (RIL) shares also rose 1 per cent in early trade after it announced that Intel Capital is investing Rs 1,894.50 crore in Jio Platforms.

It may be noted that there has been a rise in volatility due to the number of rising cases in the country. Nifty sectoral indices were showing mixed signs with PSU banks, private banks, metal and financial services in negative territory.

The weakness seen in domestic markets is contrary to the position of global markets including Asian stocks which rose due to positive economic data from China and the US.

However, domestic investors seem to have turned nervous in view of the sharp rise in cases in India.

On Friday, India recorded 20,903 fresh coronavirus cases and 379 deaths in a span of 24 hours.

The total number of cases recorded in the country so far has exceeded 6.25 lakh while the death toll has now crossed 18,000-mark.

Also Read | Sensex, Nifty scale four-month high as rupee surges against USD

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