Sensex, Nifty Tumble As India Logs 614 New Coronavirus Cases

(RTTNews) - Indian shares gave up early gains to end sharply lower on Wednesday after cautious comments from Federal Reserve officials on the rate outlook and reports of an uptick in Covid-19 cases in the country.

India recorded 614 new coronavirus infections in the past 24 hours, prompting the Union Health Ministry to direct states to monitor emerging strains. This is the highest number of new cases detected since May 21.

Rising crude oil prices also weighed on sentiment. Traders and shippers braced for the prospect of more disruption in the Red Sea after Yemen's pro-Palestinian Houthi movement vowed to defy a U.S.-led naval mission and keep hitting Israeli targets in the Red Sea.

So far, shippers have reportedly diverted about more than $30 billion worth of cargo away from the Red Sea as a direct result of more than a dozen Houthi attacks in the Red Sea.

The benchmark S&P BSE Sensex scaled a record high of 71,913.07 earlier in the session before reversing course to end the session down 930.88 points, or 1.30 percent, at 70,506.31.

The broader NSE Nifty index touched 21,593 in intra-day trade before ending deep in the red at 21,150.15, down 302.95 points, or 1.41 percent, from its previous close.

Coal India, UPL, Tata Steel, Adani Enterprises and Adani Ports fell 4-6 percent in the Nifty pack, while ONGC rallied 1.9 percent, tracking higher crude oil prices in the international markets.

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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