Covid resurgence subdues equities, auto, metal stocks fall
Mumbai, May 14, 2021
The economic impact of Covid resurgence dented investors' sentiments during Friday's afternoon trade session.
Accordingly, both indices traded in the red.
On the sectoral front, other than FMCG all other sectors traded in the red.
At around 1 p.m., the S&P BSE Sensex traded at 48,652.94, lower by 37.86 points from its previous close.
Similarly, the Nifty50 of the National Stock Exchange traded at 14,662.75, down 33.75 points, or 0.23 per cent, from its previous close.
"Markets have traded negatively after facing the resistance at higher levels in the market. Traders have taken the cautious route in the market after a lot of agencies have revised their GDP growth target after the second wave in India," said Gaurav Garg, Head of Research at CapitalVia Global Research.
"With the lockdown in various parts of the country continuing to extend, Retailers Association of India (RAI) said it is becoming increasingly difficult for retailers to retain employees and keep their companies alive, and that capital is needed to inject into the industry. This has added to the negative sentiments in the domestic markets."