Sensex wobbles as India records highest single-day Covid caseload: Key factors hurting market

Sensex wobbles as India records highest single-day Covid caseload: Key factors hurting market

NEW DELHI: Benchmark indices were under pressure on Friday as Covid-19 cases continued to climb to unprecedented levels, raising the prospects of a wider lockdown in pockets of India. PSU bank and pharma stocks saw buying while metal scrips witnessed profit booking.Surging coronavirus cases have become a serious concern with an increasing number of cities and towns declaring night curfews. Unless this second wave of infections peaks soon and subsides, economic activity will be impacted and the market assumptions of above 10 per cent GDP growth, and above 30 per cent earnings, growth will be challenged, said an analyst.“The market is climbing all walls of worry. Activity has now moved to mid-small-caps. Bulls are chasing value in these segments. The sharp depreciation in INR following the announcement of G-SAP by the RBI will benefit exporters, particularly IT. US bond yields and dollar index cooling off is EM positive. That's why FIIs are not selling in spite of negative news," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.: The US dollar fell to a two-week low against a basket …
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