Nifty, Sensex Fall as Economic Package Fails to Impress; Reliance Rises
Home ECONOMY Nifty, Sensex Fall as Economic Package Fails to Impress; Reliance Rises
ECONOMY - INDIA - May 18, 2020

Nifty, Sensex Fall as Economic Package Fails to Impress; Reliance Rises

Indian shares slipped on Monday as investors were unimpressed by the government’s economic relief measures and coronavirus cases continued to rise steadily, while a boost in Reliance Industries and Cipla limited losses.

The NSE Nifty 50 index fell 0.80 per cent to 9,063.85 by 0400 GMT, while the S&P BSE Sensex slid 0.79 per cent to 30,845.65. The Nifty banking index fell 2.5 per cent.

India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained. As of Monday, India’s tally of coronavirus infections surged past 96,000, while deaths surpassed 3,000.

Shares in drugmaker Cipla Ltd jumped 2 per cent after March-quarter results on Friday and its filing of a new drug application for a generic version of GSK’s blockbuster lung drug Advair.

Indian oil-to-telecoms conglomerate Reliance Industries Ltd gained 1 per cent after unveiling yet another sizeable investment in its digital arm.

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