Nifty, Sensex fall as rising Covid-19 cases add to global worries

The NSE Nifty 50 index fell 0.83% to 9,887.55 by 0346 GMT, while the benchmark S&P BSE Sensex was down 0.86% at 33,484.17.

Shares fell on Monday as a rise in domestic coronavirus cases and worries over a second wave of infections in China sapped investors’ appetite for riskier assets.

Sensex drops 262 points to 33,518 in opening session; Nifty slips 70 points to 9,902.20 (Anshuman Poyrekar/HT Photo)

As of Sunday, Covid-19 cases in India had surged well past 320,900 and deaths neared 9,200. India is the fourth-worst affected country in the world.

Beijing also recorded dozens of new cases in recent days, all linked to a major wholesale food market, raising concerns about a resurgence of the disease.

The NSE Nifty 50 index fell 0.83% to 9,887.55 by 0346 GMT, while the benchmark S&P BSE Sensex was down 0.86% at 33,484.17.

India’s government said on Sunday it would provide New Delhi’s city authorities with 500 railway coaches that will be equipped to care for coronavirus patients, after a surge in the number of cases led to a shortage of hospital beds.

Meanwhile, Asian shares stumbled on Monday and oil prices slipped on fears of the second wave.