INSUBCONTINENT EXCLUSIVE:
Mumbai: Indian stocks sank further on Friday as Covid-19 deaths and cases of infection mounted across the world, heightening uncertainty
among investors about the eventual economic costs
It was the seventh consecutive week of losses for the key Indian equity indices, which have declined about 7% during the period.
With the
The Nifty and Sensex could fall 13-15% if the level is breached, analysts said.
The Nifty ended 2.1% down at 8,083.80 points
The Sensex dropped 2.4% to 27,590.95 points
Financials led the decline with the Nifty Private Bank index ending 5.4% down as the biggest laggard among sectors on worries the lockdown,
which has halted business activity and hit jobs, will lead to an explosion in bad loans
But for gains in pharmaceutical shares, losses would have been sharper.
The pharma index surged 5% led by Lupin, Sun Pharmaceutical and
disaster than a financial shock and policy response has been more aggressive than in the GFC (global financial crisis), we expect the Great
touching 7,511 on March 24, the stock market had rallied 14% until early this week, raising hopes that the worst was over for now
