NEW DELHI: A record single-day jump in Covid-19 cases in the country clipped Dalal Street's wings on Monday, as bears dragged benchmark indices violently. Volatility indicator India VIX shot up amid selling across sectors.
Better-than-expected jobs data and economic recovery in the US are big positives, say analysts. However, back home, the fast-rising Covid-19 cases are a cause of concern.
Restriction of economic activity in many parts of the country might impact economic recovery, said an analyst.
“Macro numbers like record GST collections and auto sales numbers for March indicate a strong economic rebound. Q4 results will be very good and this can impart resilience to markets. How the Covid cases pan out, going forward, is a crucial factor," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.