Markets Slip Into Red Tracking Asian Stocks; Sensex Loses 527 Points, Nifty At 9,086

Asian markets were wary about the second wave of pandemic after the Chinese city where it originated reported fresh cases since the lockdown was lifted.

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New Delhi: Indian benchmark indices slipped into the red in the opening trade on Tuesday on weak Asian cues as the Sensex slipped 527 points at 31,034.45 while Nifty lost 152.55 points at 9,086.65 at 9.51 AM. The sentiments remained subdued on concerns of the second wave of the pandemic in Asian countries. Companies such as Nestle, Sun Pharma and ITC were among the only gainers of the 30 shares in the Sensex whereas 27 slipped in the red. On Monday, Sensex ended at 31,561.22, down 81.48 points or 0.26 per cent while the 50-share index Nifty was at 9,239.20 down 12.30 points or 0.13 per cent. Almost 11 companies including FMCGs, banks are expected to announce their March quarter earnings. Those companies include names like Nestle India, Bandhan Bank, Havells, JK Paper, IndiaMART InterMESH, and Blue Star. Even Asian markets were wary about the second wave of covid-19 after the Chinese city where the pandemic originated reported its first new cases since the lockdown was lifted. Japan's Topix index fell 0.2 per cent. Australia’s S&P/ASX 200 Index dropped 1.4 per cent Meanwhile, US stocks ended mixed on Monday as investors' were concerned over economy reopening amid uncertainties from the Covid-19 pandemic. The Dow Jones Industrial Average fell 109.33 points, or 0.45 per cent, to 24,221.99. The S&P 500 rose 0.39 points, or 0.01 per cent, to 2,930.19. The Nasdaq Composite Index increased 71.02 points, or 0.78 per cent, to 9,192.34, Xinhua reported. Brent crude futures climbed to a high of $30.11 a barrel on Tuesday and were up 0.8%, or 24 cents, at $29.87 at 0206 GMT, reversing some of the previous session's losses. The benchmark fell $1.34 on Monday. Seven of the 11 primary S&P 500 sectors ended lower, with financials and energy down 1.94 per cent and 1.69 per cent, respectively, leading the laggards. Health care and technology were up 1.67 per cent and 0.7 per cent, respectively, leading the gainers. The mixed finish came as a growing number of US states started to ease restrictions on business. As of Monday afternoon, more than 1.34 million confirmed COVID-19 cases have been reported in the United States, with over 80,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University. Also Watch: More than 54,000 passengers reserve train tickets within 3 hours on IRCTC (With inputs from agencies)