A rising US dollar was behind the setback to both benchmarks, he added.
However, the worsening situation in India, the world s third-largest oil consumer, also weighs heavily on the markets as states impose lockdowns to stop the spread of the virus and cope with a shortage of oxygen.
States including West Bengal in the east, Karnataka in the south and the western Gujarat, imposed shutdowns on Sunday.
Covid-19 infections continue to set fresh daily records in India, which registered 370,059 new cases and 3,422 new deaths on Sunday, according to Worldometer, which tracks the pandemic. The country has nearly 20 million infections ranking it second to the US, which leads the world with over 33 million Covid-19 cases.
Uday Kotak Suggests Curtailing Economic Activity To Curb Coronavirus Transmission Uday Kotak Suggests Curtailing Economic Activity To Curb Coronavirus Transmission At this critical juncture when toll of lives is rising, CII urges the strongest national steps including curtailing economic activity to reduce suffering, Uday Kotak said
Updated: May 03, 2021 10:09 am IST
India s wealthiest banker, Uday Kotak, has called upon the authorities to consider curtailing economic activity in a bid to cut the transmission chain of coronavirus at a time when India has emerged as the coronavirus hotspot and surging cases have overwhelmed the healthcare system.
“At this critical juncture when toll of lives is rising, CII urges the strongest national steps including curtailing economic activity to reduce suffering,” Uday Kotak, president of the Confederation of Indian Industry and chief executive of Kotak Mahindra Bank said in a tweet.
A leading Indian industry body has urged authorities to take the “strongest national steps” and to curtail economic activity to save lives as the country battles surging coronavirus cases that have overwhelmed the healthcare system.
The rate of new infections dipped marginally on Sunday but deaths kept climbing. Authorities reported 392,488 new cases in the previous 24 hours, pushing total cases to 19.56 million. Deaths jumped by a record 3,689, taking the overall toll to 215,542.
Billionaire Uday Kotak, the managing director of Kotak Mahindra Bank, said on Sunday a “maximal response measure at the highest level is called for to cut the transmission links”, as building healthcare infrastructure will take time.
Will work closely with the new DMK govt on focused agenda, says CII
CII looks forward to working closely with the government of Tamil Nadu in making the State a leader in all spheres of development, he said
PTI | May 3, 2021 | Updated 15:12 IST
Trade body Confederation of Indian Industry on Monday said it would work closely with the new government in Tamil Nadu on a focused agenda towards making the State a leader in all spheres of development. The Dravida Munnetra Kazhagam (DMK) has won the assembly polls for which the results were declared on Sunday by the Election Commission. CII congratulates DMK President M K Stalin for winning the Tamil Nadu state assembly elections held in April 2021. This landmark victory has demonstrated the popular support of the people of Tamil Nadu, CII Southern region chairman, C K Ranganathan said. CII would work closely with the new government on a focused agenda comprising manufacturing, micro, small and medium enterprises, skill developme
At least 11 states and union territories have imposed some form of restrictions to try and stem infections, but Prime Minister Narendra Modi’s government is reluctant to impose a national lockdown, concerned about the economic impact.
2 hours ago (04:33 GMT)
Why India’s COVID-19 data is vastly undercounted
As daily case counts soar far beyond what other countries have reported, experts caution the official COVID-19 numbers from the world’s second-most populous country are likely a huge undercount.
But why is India’s data considered inaccurate? Is the data any less accurate than what other nations report? And which numbers give a good indication of the crisis?