Indian markets are set to open the week on a lower note, on the back of rising Covid-19 cases. The Dow Jones fell sharply on Friday and U.S. stock futures fell on Sunday night as coronavirus cases kept surging in the U.S. Asian markets too are expected to open weaker.
A cut of about 100 points on the Nifty cannot be ruled out. Back in Asia, the Japanese Nikkei was down more than 1.5 per cent in trade.
In the US, states like Florida reported a recorded number of cases, while in India, Saturday saw Covid 19-cases, hit a new daily record in excess of 20,000 cases.
The Nifty closed with gains for the week, ending June 26, making it 5 weekly gains out of 6 for the Indian markets. The S&P BSE Sensex rose 1.2 percent while the Nifty50 gained 1.3 percent for the week ended June 26. The midcap and the small cap on the other hand outperformed the benchmark indices.