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Indian Shares Fall as Financials Drag, Virus Cases Spike

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Indian shares fell on Wednesday, dragged down by financial companies and weakness in global stocks, as worries over the economic impact from a continued surge in domestic coronavirus cases weighed on sentiment.

The bluechip NSE Nifty 50 index fell 1.2 to 14,638 and the benchmark SP BSE Sensex dropped 1.1 to 49,7508, as of 0510 GMT.

Indias daily COVID19 cases hit a more than fourmonth high on Wednesday. The government has said it would expand its vaccination campaign from April to include everyone above 45.

The economic activity comes down with surge in virus cases, said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services in Mumbai.

The global market cues are not very positive. COVID19 cases are going up globally and that is a major concern. Until you see some cool off sustainably in commodity prices and bond yields, equity markets are unlikely to go up in a hurry.

Asian shares hit a twoweek low on Wednesday, oil weakened further and the dollar neared fourmonth highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety.

The Nifty bank index and finance index fell 1.6 and 1.4, respectively, while the metals index dropped 2.6.

The Nifty bank index had risen more than 2 on Tuesday after Indias top court rejected pleas for extending moratorium on bank loan repayments.

Shares of speciality chemicals maker Anupam Rasayan India fell 6.3 in their market debut in Mumbai after the…

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