Indian shares drop as coronavirus cases surge

Gulf Today Report 

Indian shares declined on Thursday following losses in finance and tech companies due to spike in coronavirus cases that might lead to fresh lockdowns.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex fell 1% to 14,405 and 48,675.66, respectively, as of 05:07 GMT. The indexes had dropped nearly 2% in the previous session. 

READ MORE 

Asian stocks rebound, European stocks decline

Oil prices decline on demand worries

Owner's facing extreme difficulty

India recorded its highest coronavirus cases in five-month on Thursday.

 "The market is definitely worried about the impact of the spread of COVID-19. There would be an economic impact and there are fears over a partial lockdown," KK Mittal, an investment adviser at Venus India.

India's Nifty bank index fell by 1.3% and the public sector bank index dropped 2.4%. The Nifty information technology index fell by 1.3%.