Sensex snaps longest run of gains since October
The S&P BSE Sensex declined 0.2% to 48,086.53 as of 9:50 a.m. in Mumbai, snapping nine days of gains, its longest winning streak since mid-October. The NSE Nifty 50 Index also slipped 0.2%.
India’s stock benchmark fell from a record high on concern the adoption of stricter restrictions to rein in coronavirus cases may hamper an economic recovery.
The S&P BSE Sensex declined 0.2% to 48,086.53 as of 9:50 a.m. in Mumbai, snapping nine days of gains, its longest winning streak since mid-October. The NSE Nifty 50 Index also slipped 0.2%.
While the prospect of a vaccine quelling the pandemic has helped India’s equity indexes touch successive record highs, renewed lockdowns from Australia to the UK have given some investors pause.
“There is a short pause but it continues to remain a ‘buy on dips’ market for investors,” said Gaurav Garg, head of research at Indore-based Capitalvia Global Research Ltd. “With technology demand staying strong, we remain optimistic about earnings for the entire technology pack.”
India’s quarterly earnings season begins this week and may see commentary on the business outlook. Asia’s largest software exporter, Tata Consultancy Services Ltd., is scheduled to announce results on Friday.
