Sensex, Nifty Extend Losses For Second Day

(RTTNews) - Indian shares fell for the second straight session on Friday as coronavirus cases in the country continued to rise despite a complete lockdown to curb the spread of the disease.

The World Bank has approved USD 1 billion emergency funding for India to help it tackle the pandemic, which has claimed 76 lives and infected 2,500 people in the country.

Globally, coronavirus cases surpassed 1 million with more than 50,000 deaths.

India's GDP growth will fall to 4 percent this fiscal on the back of the current global health emergency, Asian Development Bank (ADB) said in its outlook for financial year 2020-21.

The benchmark S&P BSE Sensex index fell as much as 764.52 points to hit an intraday low of 27,500.79 before recovering some lost ground to end the session down 674.36 points, or 2.39 percent, at 27,590.95.

The broader NSE Nifty index closed at 8,083.80, down 170 points, or 2.06 percent, from its previous close amid continued uncertainty over the Covid-19 pandemic and its economic impact.

Wipro, Asian Paints, HDFC, Maruti Suzuki, SBI, Shree Cement, Titan, ICICI Bank, IndusInd Bank and Axis Bank slumped 5-9 percent in the Nifty pack.

ONGC and GAIL rose over 6 percent after crude prices notched their biggest one-day surge on record on hopes the price war between Saudi Arabia and Russia would end soon.

ITC surged 6.7 percent, Cipla soared 8.3 percent and Sun Pharma jumped 9.6 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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