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Nifty, Sensex Slip amid Fears of New Coronavirus Wave; Banks Slide

Representative Image.

Representative Image.

The central Chinese city of Wuhan reported five new cases on Monday, casting doubts over efforts to lower coronavirus-related curbs as businesses restart and individuals went back to work.

  • Reuters
  • Last Updated: May 12, 2020, 9:59 AM IST
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Bengaluru: Indian shares fell on Tuesday, tracking Asian markets that dropped on worries about a second wave of coronavirus cases, following news of fresh infections in the Chinese city where the Covid-19 pandemic originated.

The NSE Nifty 50 index was down 1.15% to 9,133.70 by 0355 GMT, and on course to fall for the second straight day, while the S&P BSE Sensex fell 1.27% to 31,161.65.

The central Chinese city of Wuhan reported five new cases on Monday, casting doubts over efforts to lower coronavirus-related curbs as businesses restart and individuals went back to work.

The Nifty banking index fell the most among the 12 sectoral indexes, with a 2.2% drop.

India's retail inflation data for April was due later on Tuesday. A Reuters poll predicted inflation likely eased to a five-month low last month as India's lockdown and subsequent sluggish demand drove price pressures down.

As of Tuesday, Covid-19 cases in India had surged well past 70,000 and deaths neared 2,300.


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