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Covid hit in the hinterland threatens to spoil it for Jhunjhunwala’s top agri bet
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If good monsoon predictions could have added buoyancy to the stocks linked to the rural sector and agriculture, Covid 2.0 is playing spoiler.
ETMarkets.com
Ace investor Rakesh Jhunjhunwala held 6,400,000 shares, or 4.8%, stake in the company as of March end.
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NEW DELHI: The second wave of Covid-19 pandemic is hitting India’s hinterland very hard, not something seen during the first wave.
That has altered the equations for Dalal Street.
So, if good monsoon predictions could have added buoyancy to the stocks linked to the rural sector and agriculture, Covid 2.0 is playing spoiler.
Nifty Outlook Last week, the markets once again surprised everyone with a huge downside gap on Monday. It seemed as if we were completely decoupled with global peers as the weak opening had nothing to do with global cues. Since we are battling with the mounting concerns over Covid-19 cases in our country, the markets are having a knee-jerk reaction to this development. In the initial trades, the selling augmented to challenge the 14,200-mark. Fortunately, the market saw some buying interest at lower levels as we did not spend much time below this key support. A similar sort of resilience was witnessed throughout the remaining part of the week as investors tried to trim some portion of losses.