Indian stocks end lower on virus fears, financials suffer

Indian stocks end lower on virus fears, financials suffer

10 Jul 2020 04:28 PM
 

Indian shares closed lower on Friday as record daily increases of domestic coronavirus cases threatened to disrupt an economic recovery, with financial stocks taking the brunt of the losses.

The NSE Nifty 50 index fell 0.42% to 10,768.05 and the S&P BSE Sensex 0.39% to 36,594.33.

But the indexes closed the week up about 1.5% each, recording their fourth straight weekly gain, following a rally driven by a flush of liquidity and hopes for a COVID-19 vaccine.

Record jumps in cases in many U.S. states also chipped away at risk appetite, with U.S. futures and stocks in Asia and Europe retreating.

Among individual shares, top mortgage lender Housing Development Finance Corp suffered its worst day in more than a month, closing 2.9% lower after latest shareholding data suggested China's central bank sold some or its entire stake in the lender during the June quarter.

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