Nifty Trades Lower As Covid-19 Anxiety Continues

Benchmark indices traded lower, as the anxiety around Covid-19 related infections continued across the globe. The US Markets saw weak overnight closings, as Covid-19 cases in the US surged, while most of Asia was trading with losses. The Shanghai Composite, which has seen a spectacular rally this week was down almost 1.5 per cent.

The Nifty was lower by 43 points, while the Sensex was lower by 148 points in early trade. Shares in Coal India dipped almost 1.5 per cent after reports that the government was planning a major stake sale in the company. IDBI Bank also saw its shares fall after reports of a stake sale by the government. The stock was locked at the lower end of the circuit filter.

Shares in TCS fell 1 per cent after the IT major reported a near 14 per cent decline in net profits. This was below what most analysts were expecting.

Punjab National Bank shares were marginally lower, even after the company said that it was looking to raise around Rs 10,000 crores through a share sale.

Among the early losers in trade were banking and finance stocks. ICICI Bank dropped more than 1 per cent, while HDFC, which had seen a significant rally on Thursday too lost ground.