Nifty, Sensex fall as economic package fails to impress; Reliance rises
Mon May 18 2020
Rajesh Sharma (1998 articles)

Nifty, Sensex fall as economic package fails to impress; Reliance rises

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. 

Indian shares slipped on Monday as investors were unimpressed by the government’s economic relief measures and coronavirus cases continued to rise steadily, while a boost in Reliance Industries and Cipla limited losses.

The NSE Nifty 50 index .NSEI fell 0.80% to 9,063.85 by 0400 GMT, while the S&P BSE Sensex .BSESN slid 0.79% to 30,845.65. The Nifty banking index fell 2.5%.

India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained. As of Monday, India’s tally of coronavirus infections surged past 96,000, while deaths surpassed 3,000.

Shares in drugmaker Cipla Ltd (CIPL.NS) jumped 2% after March-quarter results on Friday and its filing of a new drug application for a generic version of GSK’s (GSK.L) blockbuster lung drug Advair.

Indian oil-to-telecoms conglomerate Reliance Industries Ltd (RELI.NS) gained 1% after unveiling yet another sizeable investment in its digital arm.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.