WASHINGTON (dpa-AFX) - Indian shares fell sharply on Wednesday to snap a five-day winning streak, with IT and auto stocks pacing the decliners.
Investor sentiment was dented by concerns over a delay in economic recovery as new coronavirus cases continued to surge in the U.S. and elsewhere around the world.
The overall number of global Covid-19 cases has increased to more than 11.7 million, while the deaths have soared to over 543,000, according to the Johns Hopkins University.
As India inched towards the 10-lakh cases mark, researchers at the Massachusetts Institute of Technology (MIT) have predicted that India might record 2.87 lakh coronavirus cases per day by February 2021.
The researchers have also predicted that the total number of cases worldwide would be between 20 crore and 60 crore by Spring 2021 (March-May) in the absence of the treatment for the virus.
The benchmark S&P BSE Sensex dropped 345.51 points, or 0.94 percent, to 36,329.01, while the broader NSE Nifty index ended down 93.90 points, or 0.87 percent, at 10,705.75.
HCL Technologies, Tata Motors, Asian Paints, Zee Entertainment Enterprises and Bajaj Finance fell 3-5 percent.
IndusInd Bank surged as much as 4.5 percent amid reports that a U.S. hedge fund is likely to raise stake in the private sector lender.
Dr Reddy's Laboratories, Hindalco, JSW Steel and Vedanta climbed 2-3 percent.
Copyright RTT News/dpa-AFX
© 2020 AFX News
