Sensex Nosedives 603 Points, Nifty At 9,809-Level; Tata Steel, IndusInd Bank Among Top Laggards

Asian markets also opened weaker on Monday as oil prices slipped with fear of the second wave of coronavirus infections in China made investors turn to safe-havens.

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Mumbai: Domestic stock markets on Monday started on a weak note tracking Asian peers as the Sensex nosedived 603 points to touch 33,177 while the broader Sense Nifty also inched down to reach 9,809-level at 10:36 AM. Among the top laggards were Tata Steel and IndusInd Bank which were down 3 percent each respectively, while Infosys and Sun Pharma inched 1 percent up. The 30-stock benchmark Sensex opened 110 points lower at 33,670.55, while Nifty was 53 points down at 9,919.35. Of the 30 Sensex shares, 26 were in the red zone. Ousted Tata Sons Chairman Cyrus Mistry,  who is challenging Tata Son in a legal battle, said in a fresh affidavit filed in the Supreme Court, that the objections raised by him on bleeding company assets such as Tata Nano and Tata Steel Europe should be brought on record, according to Mint report. On the result front, 56 companies will announce results including Ashoka Buildcon, JK Tyre, Pfizer, and Tata Motors.  The auto company on Saturday announced buying out its partner Jayem Automotives in their joint venture JT Special Vehicles Pvt Ltd that develops high-performance vehicles. Tata Motors has entered into an agreement to acquire 50 percent stake of Jayem Automotives in JT Special Vehicles Pvt Ltd (JTSV). The rupee was weaker at 75.95 per US dollar against Friday's close of 75.84/$. In the last trading session, the equities market closed the session higher on Friday. The benchmark indices recovered from the opening lows in the wake of a massive sell-off in the global markets. The fear of a resurgence of Covid-19 cases in the US and the Federal Reserve’s weaker forecast has marred investor sentiments. Asian markets opened on weaker signs on Monday as oil prices also slipped fear of the second wave of coronavirus infections in China made investors turn to safe-havens. Singapore's SGX Nifty dropped nearly 1 percent hinted at a weaker opening for Indian stocks. Japan’s Topix index was down 0.2 percent, Hong Kong’s Hang Seng was down 0.6 percent, the Kospi Index dropped 0.2 percent. Shanghai Composite lost 0.1 percent. Australia’s S&P/ASX 200 Index, which tumbled almost 5 percent in the previous two sessions, was down 0.1 percent. Also Watch| Covid World Update: Over 1 lakh people test positive in single day