Nifty Trades Lower As Covid-19 Infections Mount Across The Globe

Rising Covid-19 infections across the globe, saw Indian markets fall lower in early trade. A surge in the number of infections in countries like the US and Germany impacted investor sentiments.

Overnight the Dow Jones fell 2.72 per cent, the S&P 500 lost 2.59 per cent, and the Nasdaq Composite dropped 2.19 per cent. Japan's Nikkei was down 1.2 per cent, while South Korea's Kospi dipped 1.6 per cent.

The Nifty was trading with losses of 102 points at 10,202 points.

Shares in Karur Vysya Bank saw a spectacular rally, after the bank reported a 39.5 per cent jump in net profit at Rs 83.70 crore for the quarter ended March 2020. The stock was up 5 per cent in early trade.

Banking stocks, which had seen a sharp fall on Wednesday, continued to trend lower. Among the early losers were ICICI Bank and Axis Bank.

HG Infra saw its stock jump 11 per cent, after the company reported a 40.79 per cent jump in consolidated profit after tax to Rs 54.32 crore for the quarter ended March 2020. Among the top gainers from the Nifty were GAIL, HUL and ITC. On the other hand, Nifty stocks that lost ground were IndusInd Bank, Axis Bank and Bharti Infratel.