Nifty, Sensex flat as focus shifts to rising coronavirus cases
Indian shares were little changed on Wednesday after rising for two straight sessions, as surging global coronavirus cases stoked fears of a slower economic recovery and dampened optimism around vaccine trial results.
The NSE Nifty 50 index was up 0.09% at 12,885.95 by 0355 GMT, while the S&P BSE Sensex rose 0.12% to 44,010.18. The Nifty 50, which gained 1.4% in the last two sessions, hit a record high on Tuesday.
Shares in Lakshmi Vilas Bank fell 20% after India on Tuesday placed the troubled lender under a moratorium.
Globally, equities stepped back after soft U.S. retail sales data and new coronavirus restrictions in several U.S. states dampened euphoria from vaccine trial breakthroughs.
In India, New Delhi planned more curbs including lockdowns of some markets, as the capital city battles its worst phase in the pandemic, although new infections elsewhere in the country are falling.
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- Medical staff in hospitals wore bulky personal protective equipment (PPE) for hours, leaving them dehydrated, exhausted and drenched in sweat.
- Several high-frequency indicators such as the Nomura India Business Resumption Index (NIBRI), Purchasing Managers’ Indices (PMI) show a strong sequential recovery in the economy.