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The stock market is only interested in the good news

Once again, the number of coronavirus infections in India has reached a record high, as foreign countries and large domestic companies pledged to help, but the markets have not yet addressed the pandemic situation.

Indian stock indices jumped to their highest level in nearly two weeks, with both Nifty 50 and Mumbai Sensex, which unite the largest sectors of the economy, boosted more than one percent on Monday, despite the record number of newly recorded coronavirus infections in India. The state for the fifth consecutive day. The reason for the good mood in the market was the more than threefold increase in the quarterly earnings of ICICI.

It remains to be seen whether the second wave of the pandemic will subside in India without a national lockdown

Analysts at Bank of America indicated that a one-month quarantine would cut 100-200 basis points from the country’s GDP. On the other hand, global oil prices fell by one and a half percent during the day, with fears of an epidemic of fuel demand in the world’s third largest oil importer.

Indian Corona virus

Photo: Shutterstock

A national quarantine has not yet been planned, and only local restrictions have been announced, although the Ministry of Health said that 352,991 new infections and 2,812 deaths were recorded on Monday, with more than 17 million infected, but experts say each number is It could be higher. More than 21 million hospitals in New Delhi, one of the focal points of the epidemic, no longer have enough beds, medicines and medical oxygen, and the latter killed just twenty patients on Saturday in one health facility.

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However, the situation is no better elsewhere, so there is a flurry of foreign aid offers.

US President Joe Biden promised the raw materials, medical equipment, rapid tests, ventilators, protective equipment and epidemiologists needed to make the vaccine. Germany is sending medical oxygen, mobile generators and hospital equipment to produce them, in addition to aid from the European Union.

European Commission President Ursula von der Leyen announced that the European Union will provide India with the oxygen and medical supplies it needs under the Civil Protection Mechanism to support disaster management.

China, Pakistan and Singapore, as well as major tech companies such as Microsoft and Google, have also offered to help.

Among the major Indian companies, Reliance Industries has pledged to produce at least 700 tons of medical oxygen per day in its oil refineries, Tata Group will purchase 24 refrigerated containers of liquid oxygen, and Jindal Steel will supply 500 cubic meters of liquid oxygen to hospitals in need.

Narendra Modi has urged citizens to be careful and vaccinate themselves, but the vaccination campaign is advancing very slowly: In a country of 1.3 billion people, according to official figures, only 2.7 million vaccines are given on average per day. Vaccination had to be stopped at several sites over the weekend due to insufficient supplies – while India had the largest vaccine manufacturer in the world.

However, there is a shortage of raw materials for vaccination and a fire has also broken out at the factory where AstraZeneca vaccine is being produced.

Reuters learned from an official source that the central government, however, will not import vaccines, and expects the federal states to do so. From Monday, it will not be possible to enter the European Union member states from India either, and the UK actually placed the country on the red list last Friday. The United States, Canada, and Israel have also imposed stricter restrictions.