Financials Weigh On Indian Stocks, And COVID-19 Cases Are Looming A Rise
Published On:March 22, 2021
On Monday, Indian shares fell slightly, weighed down by financial stocks amid an increase in coronavirus cases in the country, while Asian peers were mixed as investors remained cautious due to a drop in the Turkish lira. As of 0350 GMT, the blue-chip NSE Nifty 50 index was down 0.5 percent to 14,673 and the benchmark S&P BSE Sensex was down 0.6 percent to 49,584.59.
On a fresh surge in domestic COVID-19 cases and rising U.S. bond yields, India's two major stock exchanges posted their first weekly decline in three weeks last week. On Sunday, daily coronavirus cases in the United States reached a four-month high, prompting some areas to reinstate containment measures such as lockdowns and restaurant closures, while additional measures are being considered. On Monday, Asian markets were mixed, and bonds bounced, as a drop in the Turkish lira sparked speculation that capital controls might be needed to stop the bleeding.
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