Most Indian Stocks Fall as Coronavirus Cases Top 10 Million

In this article

Most Indian stocks fell as investors assessed heady valuations and new virus cases ahead of the winter holidays.

The S&P BSE Sensex was little changed at 46,966.57 as of 10:09 a.m. in Mumbai, as about two stocks fell for each one that rose. The NSE Nifty 50 Index lost 0.1%. Both measures extended record highs with gains of almost 2% last week, marking their longest weekly winning streaks since April 2019.

Street earnings growth expectations are high and market valuations are at a peak at a time that prospects of growth revival aren’t robust enough, Nomura Holdings Inc. analyst Saion Mukherjee said in a note published Saturday.

“The impact of the pandemic on consumers is large, and credit growth and spreads are far from indicating a sanguine outlook,” he wrote.

196,295 in U.S.Most new cases today

+11% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23

-0.​8095 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23

3.​7% Global GDP Tracker (annualized), Nov.

Virus infections have crossed the 10 million mark in the world’s second-largest hotspot as India awaits several emergency vaccine approvals. Meanwhile, monetary policy members unanimously voted to keep interest rates lower to battle a recession, overlooking high inflation, according to minutes of the Dec. 2-4 meeting released Friday.

The yield on the most-traded 5.77% 2030 sovereign bond rose one basis point to 5.97% while the rupee weakened 0.2% to 73.7263 per dollar.

The Numbers

  • Eleven out of 19 sector sub-indexes compiled by BSE Ltd. declined, with a gauge of auto stocks falling the most
  • Nineteen Sensex shares fell, while eleven rose
    • ICICI Bank Ltd. was the biggest drag on the index and dropped 1.8%, while Larsen & Toubro Ltd. contributed most to the index advance, rising 3.3%

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    — With assistance by Kartik Goyal

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