Rekindled covid fears have started haunting D-Street. The Sensex tumbled 885 points in the past two days and is at 60740 levels. Similarly, the Nifty 50 shed 330 points and is quoting at 18090 levels. While many other stocks were coloured in red, Pharma stocks climbed for the third day in a row, owing to renewed covid fears.
At 11:54 AM on Thursday, the shares of Jyothy Labs were up 8.7%, Sun Pharma Advanced Research Company were quoting 4.23% higher, Ajanta Pharma gained 4.92% and Wockhardt was riding 3.75% higher, on the back of brighter prospects for diagnostics and healthcare businesses amid the covid scare.
“The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments. Moreover, there are no near-term triggers to take the market higher,” said VK Vijaykumar, Chief Investment Strategist at Geojit Financial Services.
Meanwhile, Prime Minister Narendra Modi will be reviewing the situation related to Covid-19 and related aspects at a high-level meeting on Thursday, according to the news agency ANI. This came after Union Health Minister Mansukh Mandaviya reviewed the situation and asked people to follow Covid-appropriate behaviour, including wearing masks in crowded places and getting vaccinated.
Written by Simran Bafna
