Equities edge lower amid rising number of COVID-19 cases

ANI
03 Apr 2020, 10:25 GMT+10

Mumbai (Maharashtra) [India], April 3 (ANI): Equity benchmark indices traded lower during early hours on Friday with investors remaining focused on the possible impact of rising coronavirus infections.

At 10:15 am, the BSE SP Sensex was down by 274 points or 0.97 per cent at 27,991 while the Nifty 50 slipped by 91 points or 1.11 per cent at 8,162.

Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 2.9 per cent, metal by 2.8 per cent and auto by 2.5 per cent.

Among stocks, private sector lender IndusInd Bank dropped by 5.5 per cent to Rs 323.25 per share. Kotak Mahindra Bank and ICICI Bank too dipped by 4.9 per cent and 3.9 per cent respectively.

JSW Steel was down by 5.1 per cent, Tata Steel by 3.9 per cent, Hero MotoCorp by 4.6 per cent, Bajaj Auto by 4 per cent and Tata Motors by 3.9 per cent.

However, Cipla, Bajaj Finance, GAIL, ONGC and ITC traded with a positive bias.

Meanwhile, Asian markets were in the red despite Wall Street's overnight gains after crude prices notched their biggest one-day surge on record.

Japan Nikkei slipped by 0.19 per cent, Hong Kong's Hang Seng by 0.6 per cent, South Korea's Kospi by 0.71 per cent and Shanghai composite by 0.33 per cent.

US stocks rallied after President Donald Trump said he expects Russia and Saudi Arabia to announce an oil production cut of up to 10 million to 15 million barrels as the two countries signalled a willingness to make a deal.

Saudi Arabia said it will call an emergency meeting of the Organisation of the Petroleum Exporting Countries, media reports said. (ANI)

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