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Indian shares succumbed to heavy selling pressure on Monday as spoking Covid-19 cases in the country and fears over fresh lockdowns in some states dented hopes for a swift economic recovery from the pandemic. <\/p>\n
India has recorded a massive surge of 169,899 Covid-19 cases and 904 deaths in the last 24 hours, breaking all records and overtaking Brazil to become the second-most affected country globally by the novel coronavirus<\/span>.<\/p>\n Maharashtra remains the worst-affected state with as many as 63,294 new cases, 34,008 recoveries and 349 deaths in the last 24 hours.<\/p>\n Global brokerage company Nomura has cut India’s GDP forecast to 12.6 percent from 13.5 percent forecast earlier, reflecting the pandemic drag on the economy<\/span>.<\/p>\n Barclays has maintained FY22 real GDP growth forecast at 11 per cent year-on-year for now, but cautioned against the downside risk if the covid-19 lockdowns and night curfews are tightened further.<\/p>\n The benchmark S&P BSE Sensex ended the session down as much as 1,707.94 points, or 3.44 percent, at 47,883.38, while the broader NSE Nifty index plunged 524.05 points, or 3.53 percent, to 14,310.80.<\/p>\n Selling was seen across the board, with the exception of healthcare stocks. UPL, Bajaj Finance, IndusInd Bank, Adani Ports and Tata Motors lost 7-10 percent. <\/p>\n Dr Reddy’s Laboratories soared 7.1 percent, Cipla rallied 2.7 percent and Divis Laboratories gained 1.1 percent after the government ordered prohibition on the export of Remdesivir drug and injection “till the Covid-19 situation in the country improves. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n