Market rally loses steam over fears of extended lockdown

The Indian markets posted strong gains in early Wednesday trade, with the benchmark indices adding 4 per cent to previous day’s 9-per cent gain, but the rally lost steam over fears of an extended lockdown amid rising Covid-19 cases in the country. 

Also, the weak opening of the European markets and a sharp deprecation in the rupee against the dollar weighed on stock prices. 

The Sensex after climbing past 31,200, settled at 29,894 — down 173.25 points, or 0.58 per cent, over the previous day’s close. The Nifty closed at 8,749, down 44 points, or 0.5 per cent, after touching an intra-day