Sensex falls 1,708 points amidst huge sell-off; Nifty plunges below 14,350.
On Monday, Equity benchmark Sensex fell 1,708 points following an across-the-board sell-off as thwarting COVID-19 cases in the country disturbed investors.
The 30-share BSE index dropped 1,707.94 points (3.44%) and ended at 47,883.38. Likewise, the broader NSE Nifty fell 524.05 points (3.53%) and finished at 14,310.80.
The top loser in the Sensex pack was Induslnd Bank, tanking over 8%, followed by Bajaj Finance, SBI, ONGC, Titan, M&M, Bajaj Finserv, ICICI Bank and Axis Bank. However, Dr. Reddy’s was the sole gainer, ascending over 4%.
Binod Modi, Head of Strategy at Reliance Securities, said: "Domestic equities reminded the bloodbath of March 2020 as record rise in COVID-19 cases in the country and possibility of lockdowns in several States dented investors’ sentiments". Investors became risk-averse because of apprehensions of a possible reversal in economic momentum and earnings recovery. The huge selloff led to the erosion of nearly ₹9 lakh crore in investor wealth, he added.
Further, Bourses in Shanghai, Hong Kong and Tokyo were in the red, while Seoul ended with mild gains. Stock exchanges in Europe were primarily trading on a positive note in mid-session deals.