Benchmark indices began the week on a bearish note, with both the Nifty and the Sensex ending the day with losses. Rising cases of Covid-19 kept global markets subdued and on the tenterhooks. The US markets had seen very weak closings on Friday, after reporting a record number of Covid-19 cases. Select states in the US continued to see a spike in the number of cases, even as investors feared a rollback of the openings in certain states.
Asian markets too ended the day with losses, with the Japanese markets seeing cuts of nearly 2 per cent, while the Hong Kong's Hang Sang and the Korean Kospi ended lower.
Shares in Bajaj Finance fell after S&P Global Ratings said it has lowered its ratings on Bajaj Finance to junk. The stock was down 2 per cent at Rs 2834.
ITC shares saw a good rally of 2 per cent after the company reported a 9 per cent rise in standalone net profit for the quarter ended March, 2020.
Axis Bank, Hindalco and Tech Mahindra were among the top losers from the Nifty space. Stocks that gained ground from the Nifty were Britannia, Kotak Mahindra Bank, HDFC Bank and Cipla.
European markets were trading with marginal gains in trade.