Equity indices in the red, financials and metals lose shine

Mumbai (Bombay): Equity benchmark indices fallen by over One percent throughout early hours on Mon. amidst weak global cues as COVID-19 instances continue to rise around the globe.

That dropped the hopes of an early economic recovery & drove investors to safer assets like govt bonds, gold & the US dollar.

In 10:15 am, the BSE Sandamp;P Sensex has been down by 431 points (or) 1.23 percent in 34,740 awhile the Nifty 50 edged lower by 130 points (or) 1.25 percent in 10,253.

Except for Nifty FMCG & pharma, all sectoral indices in the Domestic Stock Exchange have been within the negative zone with Nifty metal down by 2.6 percent, private bank by 2.3 percent & fiscal service by Two percent.

Amongst stocks, Bajaj Finance dropped by 4.3 percent to INR 2,778.85 per distribute awhile Bajaj Finserv slipped by 2.8 percent to INR 5,776.85.

Private lenders have been on slippery field with Axis Bank down by 4.4 percent, IndusInd Bank by three percent & ICICI Bank by 2.6 percent.

Hindalco, JSW Steel, Coal India(In), Bharti Infratel & Tech Mahindra too traded with a negative bias. However, FMCG majors ITC, Nestle India(In) & Britannia have been within the positive zone with Cipla & Sunday Pharma.

Meantime, Asian distribute markets got (1) off to a shaky begin as the spread of COVID-19 commanded investors to query the optimism on the global economy.

MSCI’s broadest index of Asia Pacific shares outdoor Japan eased by 0.2 percent awhile Japan’s Nikkei shed 1.5 percent & South Korean stocks 1.4 percent.