In the afternoon trade, the fall was led by Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), ICICI Bank and HDFC Bank, while pharma major Dr Reddy’s, tech giant TCS and Nestle traded higher.Other than the pharmaceutical shares, all sectors were deep in the red in early deals. Broader markets also weakened, with the midcap and small-cap indices down 0.9 percent and 0.4 percent respectively.Avendus Wealth Management’s Suveer Chainani was quoted by television news reports as saying that “COVID was a bear argument when it began, but became a bull argument later.”Meanwhile, in a communication to all states and Union Territories, Union Health Secretary Rajesh Bhushan said that India’s National Centre for Disease Control has informed that multiple cases of a COVID-19 variant B.1.1529 have been reported in Botswana (3 cases), South Africa (6 cases) and Hong Kong (1 case).
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