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Indian Shares Fall; Lockdown Fears in Europe Hurt Sentiment

Indian shares inched lower on Tuesday after a sharp sell-off in the previous session, as rising global COVID-19 cases and concerns over fresh lockdowns in Europe weighed on sentiment.

The broader NSE Nifty 50 index fell 0.1% to 11,233.50 and the S&P BSE Sensex 0.09% to 37,995.39 by 0348 GMT. Both the indexes fell more than 2% on Monday.

The Central Bureau of Investigation (CBI) on Monday said they had registered a case against dairy company Kwality Ltd and its directors for allegedly cheating a consortium of banks of around 14 billion rupees ($190 million).

Asian shares dropped on Tuesday due to concerns about new pandemic lockdowns in Europe and possible delays in fresh U.S. stimulus.

In India, total novel coronavirus cases touched 5.49 million as of Monday, while the COVID-19 death toll in the United States approached 200,000.

Among sectors, the Nifty metals index slid 1% and the Nifty public sector index 1.1%. Both the indexes were the top drags.

Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V

Source: Reuters

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