Indian stocks slip on virus fears; pharma, Reliance limit losses

Indian stocks slip on virus fears; pharma, Reliance limit losses

10 Jul 2020 11:51 AM
 

Indian shares fell on Friday as a relentless surge in domestic coronavirus cases threatened to disrupt an economic recovery, although gains in pharmaceuticals and heavyweight Reliance Industries helped limit losses.

The NSE Nifty 50 index fell 0.19% to 10,792.5 by 10:24 am, while the benchmark S&P BSE Sensex was down 0.24% at 36,648.11. The indexes were, however, headed for their fourth straight week of gains, after a rally driven by a liquidity flush and hopes for a COVID-19 vaccine.

Cases in the world's second-most populous country jumped by a record 26,506 to 793,802 as of Friday morning, including 21,604 deaths, health ministry data showed.

Asian shares and U.S. stock futures too slipped on Friday as record surges in many U.S. states stoked fears of new lockdowns that could hurt an economic recovery.

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