The key Indian equity indices Sensex and Nifty trimmed major initial losses on Monday morning to trade marginally lower, as the country became the second-worst hit with coronavirus cases and a continued selloff in Wall Street made investors jittery, while they awaited an announcement from Vodafone Idea Ltd later in the day.
The key Indian equity indices Sensex and Nifty trimmed major initial losses on Monday morning to trade marginally lower, as the country became the second-worst hit with coronavirus cases and a continued selloff in Wall Street made investors jittery, while they awaited an announcement from Vodafone Idea Ltd later in the day.
The BSE Sensex, which lost nearly 300 points to touch an intra-day low of 38,060.74 has pared major losses.
Around 10.35 a.m., it was trading at 38,307.83, lower by 49.35 points or 0.13% from the previous close of 38,357.18.
The Nifty50 on the National Stock Exchange was trading at 11,311.30, lower by 22.55 points or 0.2% from its previous close.
Vodafone Idea rose as much as 10%. The debt-laden company has scheduled a media announcement at 0630 GMT later in the day.
On Friday, the telecom service provider said it would raise up to 250 billion rupees ($3.41 billion) in fresh funds, as it tries to pay off hefty dues it owes to the government.
The top gainers on the Sensex so far were Hindustan Unilever, Axis Bank, and ICICI Bank, while the major losers were Mahindra & Mahindra, NTPC, and ONGC.
India`s most valuable bank HDFC was the top drag on the Nifty, falling as much as 1.6%, while telecom infrastructure company Bharti Infratel Ltd rose as much as 5.2%.
Meanwhile, Asian shares were on the defensive as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a coronavirus-induced recession.
China`s blue-chip index CSI slipped 0.3% and Japan`s Nikkei fell 0.2% but South Korea added 0.7%. That left MSCI`s broadest index of Asia Pacific shares outside Japan up marginally after two straight days of losses.
(With agency inputs)
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