Sensex falls to 480 points in the opening session, Nifty drops at 9,100
On Friday the equity benchmark Sensex falls to 480 points. The Indian share market drop at 1% was stated as weak global markets after US data was in economic damage caused by the Coronavirus and reports that a drug to treat COVID 19 showed inconclusive results.
The NSE Nifty 50 index also slumps by 1.53% to 9,166.20 by 0356 GMT, while the benchmark S&P BSE Sensex was fall by 1.59% at 31,359.96.
On Friday Asian shares and US stock fell down following reports say that Gilead Sciences Inc’s failed to help severely ill COVID-19 patients in its first clinical trial.
In April US business recorded low activity mirroring dire figures from Europe and Asia. The orders of stay at the home effect the production, supply chains, and consumer spending, according to the survey.
The top losers on the Nifty 50 index were from Private-sector lenders ICICI Bank Ltd and IndusInd Bank Ltd which glid over 4% each.
India has extended the biggest lockdown in the world India witnessed a big jump in the number of novel coronavirus cases in the country after recording 1,752 fresh cases in the last 24 hours. The total count of confirmed Covid-19 cases today has increased to 23,452, according to the latest Ministry of Health and Family Welfare data.
According to a Reuters poll, which predicted a mild and gradual recovery This Pandemic will lead the economy to suffer its worst quarter since the mid-1990s due to the lockdown in the three months ending in June.
The real estate firms Oberoi Realty Ltd falls over 4%, pushing the shares of real estate firm the Nifty Realty index over 3% lower.
The shares of Britannia rose over 3% after the company given an interim dividend of 35 rupees per share on Thursday.