(Bloomberg) -- India stocks fluctuated as a surge in new coronavirus cases raised concerns over business recovery, while a border conflict with China’s military has raised tensions.

The S&P BSE Sensex was little changed at 33,501.68 as of 9:42 a.m. in Mumbai, after initially falling as much as 0.4%. The NSE Nifty 50 Index was also flat.

Rising Covid-19 infections in India and beyond is weighing on sentiment for riskier assets. Prime Minister Narendra Modi said the nation will defend its sovereignty after clashes along its contested border with China led to the deaths of at least 20 soldiers.

“Border tensions and the Covid rate not flattening are the two factors we’ve to live with for sometime,” said Sanjiv Bhasin, a strategist at IIFL Securities Ltd. in Mumbai.

The Numbers

  • Eleven of 19 industry sub-indexes compiled by BSE Ltd. declined, led by a measure of banking companies
    • ICICI Bank Ltd. contributed the most to the Sensex decline, decreasing 1.2%, while Oil & Natural Gas Corp Ltd. had the largest drop, falling 2.4%
    • Infosys Ltd. gave the biggest boost to the index and had the largest gain, advancing 1.1%
  • A gauge of telecom companies rose 0.4%; the nation’s top court later today is scheduled to hear the case relating to unpaid dues of 1.4 trillion rupees ($18.4 billion) by the telecom companies, which are said to have sought staggered payment of past dues over 20 years

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