By Aditya Raghunath
Investing.com -- India reported 3.55 lakh COVID cases and 2,807 deaths on Sunday, both new highs in the world. This has taken India’s tally on April 19-25 week to 22.5 lakh cases, the most ever in the world since the pandemic started. These numbers are going to weigh heavily on the stock market as the direct repercussions of COVID are semi-lockdowns and restrictions on the movement of people and services that impact productivity and economic recovery.
Despite this, there is a chance that Indian markets ( Nifty 50 and BSE Sensex 30 ) will open flat to positive today. The US has lifted its ban on the export of raw materials essential to vaccine manufacturing in India. States like Maharashtra and Gujarat have said that vaccines for everyone will be free. Saudi Arabia has exported 80 metric tons of oxygen to India. Nifty 50 Futures in Singapore are trading higher at 1.33%.
Investing.com had reported yesterday on the four factors that will affect Indian markets this week. All eyes will be on auto stocks ( Maruti Suzuki India Ltd. (NS: MRTI ) and Bajaj Auto Ltd (NS: BAJA )) and FMCG stocks ( Hindustan Unilever Ltd. (NS: HLL ), Marico Ltd (NS: MRCO ) and Britannia Industries Ltd (NS: BRIT )) as they report numbers for the March quarter this week.
Apart from this, S&P 500 in the US closed at a record high on Friday, shrugging off the effects of the proposed tax plan by President Joe Biden. Dow Jones Industrial Average and NASDAQ Composite closed higher as well. All US futures are also trading up. Asia has also opened higher with Nikkei 225 , KOSPI 50 and Shanghai Composite trading up 0.26%, 0.58% and 0.45% respectively.
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