Diagnostic firm shares Dr Lal PathLabs, Metropolis surge on China covid concern

Shares of hospital chains Apollo Hospitals and Fortis Healthcare also rose 0.6% and 1.5% respectively. In comparison, Sensex was trading mildly in the negative territory.

Speaking about broader markets, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments. Moreover, there are no near-term triggers to take the market higher. The next round of triggers will come only in January, starting with the Infy and HCL Tech results starting on 12th January.”

The Indian government on Tuesday urged all states and union territories to ramp up the whole genome sequencing of positive samples to keep track of newer variants. In a letter to states and UTs, Union Health Secretary Rajesh Bhushan said such an exercise will enable timely detection of newer variants, if any, circulating in the country and will facilitate undertaking requisite public health measures.

Public health challenge of COVID-19 still persists around the world with around 35 lakh cases being reported weekly, Bhushan said.

Union Health Minister Mansukh Mandaviya will review the COVID-19 situation today in view of a fresh spurt in cases in some countries such as Japan, South Korea, Brazil, China and the US, Press Trust of India, reported, citing sources.

Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group, said in a tweet said that given extensive covid vaccination drive in India, there is no need for panic on the surge in COVID cases in China.

“However having said that there is no place for inertia. We must act swiftly on our policy regarding air travel to and from China,” she said.

(With Agency Inputs)