Second wave fears hit marketsFears of the possibility of a second wave of covid-19 infections sent jitters across global markets on Monday.
Indian benchmark equity indices closed nearly 2% lower led by heavy selling in banking and financial stocks. The rising covid-19 numbers, a second wave of infections in China, and weak Asian markets weighed down investor sentiment.
Globally, stocks and oil were under pressure while investors bought into safe havens such as German government debt. Futures on the S&P 500, the Stoxx Europe 600 index as well as Japan’s Nikkei dropped.
Crude futures were also down, but India raised fuel prices for the ninth day in a row. They’re now at their highest in more than a year.