Share Market Updates: Sensex Crashes 1,400 Points Amid Spiralling Cases, Economic Concerns
Sensex was trading at 47,561.41, lower by 1,270.62 points or 2.60 per cent from its previous close of 48,832.03.
In view of the rapidly increasing coronavirus cases, Sensex once again nosedived on Monday with the BSE Sensex falling over 1,400 points. It touched an intraday low of 47,362.71 so far.
Around 10.10 am, Sensex was trading at 47,561.41, lower by 1,270.62 points or 2.60 percent from its previous close of 48,832.03. It opened at 47,940.81 at the intraday high of 47,940.81 points.
While the Nifty50 on the National Stock Exchange was trading at 14,275.85, lower by 342.00 points or 2.34 percent from its previous close.
India's total count of coronavirus cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases breached the 19-lakh mark, according to the Union Health Ministry data updated on Monday. It also fuelled fears of harsher restrictions.
Registering a steady increase for the 40th day in a row, the active cases have increased to 19,29,329 comprising 12.81 percent of the total infections, while the national COVID-19 recovery rate has dropped to 86 percent. The exploding cases also raised fears related to stricter restrictions.
Banking and financial stocks were among the top losers with Bajaj Finance, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank and Axis Bank falling 4.5 percent and 5.5 percent. HDFC Bank, after declaring its earnings over the weekend, also tanked over 3 percent.
Dr. Reddy's Laboratories and Infosys were the only two stocks with gains on Monday morning among other Sensex companies. While Dr Reddy's was the top gainer, jumping 0.82 percent, Infosys was up 0.46 percent.
The selloff was witnessed across sectors during the initial trade led by banking and financial stocks. India reported 2,73,810 new cases, with 1,619 fatalities and 1,44,178 discharges in the last 24 hours, as per Union Health Ministry.
The rupee fell 52 paise to 74.87 against the US dollar in early trade.
Meanwhile, other Asian markets remained on a higher trajectory, tracking the gains in Wall Street. Both the Dow and S&P ended positive on Friday tracking strong data for American housing starts, employment, and retail sales.
Brent crude futures, the global oil benchmark, fell 0.37 percent to USD 66.52 per barrel.
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