COVID Fears Drag Nifty, Sensex into Red; US Markets Might Open Up

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COVID Fears Drag Nifty, Sensex into Red; US Markets Might Open Up

By Aditya Raghunath --  Markets opened in the red and there was some positive momentum in the middle of the trading session as markets moved into the green zone. However, markets booked profits as they didn’t want to risk long positions over the weekend as the number of COVID cases continued to surge in India. April 22 saw 3.12 lakh cases and 2,255 deaths in India, a new record.

Nifty 50 closed down 0.45% and the BSE Sensex 30 was down 0.42%. Nifty was unable to hold on to the 14,400 position today. NTPC Ltd (NS: NTPC ) and Power Grid Corporation of India Ltd (NS: PGRD ) led gains today closing up 3.94% and 3.66% respectively. HDFC (NS: HDFC ) Life Insurance Company Ltd (NS: HDFL ), IndusInd Bank Ltd. (NS: INBK ) and Bharat Petroleum Corp. Ltd. (NS: BPCL ) all gained over 1% each.

Britannia Industries Ltd (NS: BRIT ) led the losers list, closing down 2.67% followed by Mahindra & Mahindra Ltd. (NS: MAHM ) at 2.53% and Dr. Reddy’s Laboratories Ltd (NS: REDY ) at 2.4%. The smallcap indices all performed well today. NIfty smallcap 50 closed up 0.73% while the NIFTY Smallcap 100 closed up 0.42%.

Global stocks faltered in response to reports that the US administration is planning to increase capital gains taxes on wealthier investors in its next package of economic measures. Asian markets closed mixed as Nikkei 225 closed in the red while KOSPI 50 and Shanghai Composite closed in the green.  Europe has opened in the red after US President Joe Biden’s proposed tax hike.

FTSE 100 , Lyxor UCITS CAC 40 (DR) D-EUR (PA: CAC ) and DAX are down 0.45%, 0.22% and 0.32% respectively. Bitcoin is down below $50,000. US stocks are set to open moderately higher Friday as the market regains a measure of composure after the ‘shock’ of the looming tax hike.

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