Nifty Trades Lower On Concerns Of Rising Covid-19 Cases

Benchmark indices opened the day lower, as rising cases of Covid-19 kept global markets subdued. 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 were trading with losses, with the Japanese markets seeing cuts of near 2 per cent, while the Hong Kong's Hang Sang and the Korean Kospi were also lower. The Nifty was last seen trading lower by 70 points at 10,313 points.

Shares in Bajaj Finance fell after S&P Global Ratings said it has lowered its ratings on Bajaj Finance to junk. The stock was last 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.

Shares in South Indian bank Fell after the bank reported a net loss of Rs 143.69 crore for the fourth quarter ended March 2020, due to multi-fold jump in provisioning requirement. The shares of the bank were last seen trading at Rs 8.50 on the NSE.