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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

India reports most Covid-19 deaths since early January

COVID-19 vaccination in New Delhi
COVID-19 vaccination in New Delhi
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India reported 212 new COVID-19 deaths on Monday, the most since early January, while infections jumped by 46,951, the highest since early November.


Total deaths have now swelled to 159,967 and infections to 11.65 million, the highest in the world after the United States and Brazil.


Indian shares fell on Monday, pressured by financial stocks, as investors moved money into so-called safe sectors due to fears of fresh curbs as coronavirus cases in the country rise again.


The blue-chip NSE Nifty 50 index fell 0.4% to 14,687 and the benchmark S&P BSE Sensex dropped 0.6% to 49,579.75 as of 0502 GMT.


“There is some nervousness among the market participants given the second wave of COVID-19, new restrictions coming in place,” said Saurabh Jain, assistant vice president of research at SMC Global Securities in New Delhi.


“We are seeing some sectoral rotation with money going to information technology and pharma stocks.”


Daily coronavirus cases in the country hit their highest since early November on Monday and some regions have reimposed containment measures, including lockdowns and restaurant closures, with more steps being considered.


India’s two main stock exchanges last week posted their first weekly decline in three, due to a fresh surge in domestic COVID-19 cases and rising U.S. bond yields.


On Monday, the Nifty bank index fell 0.9% and the finance index dropped 0.7%.


Investors fear that rise in cases and new restrictions will affect the paying back capacity of businesses, hurting banks, Jain said. Reuters


 


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