Sensex, Nifty fall 3%; IndusInd Bank, Axis Bank, ICICI Bank top losers

The S&P BSE Sensex opened 0.48% at 31,248 while the broader NSE Nifty 50 opened at 9,158, up 0.23%. However, both the indices gave up their opening gains soon after.

India’s benchmark indices erased early gains and fell sharply on Monday as as stimulus measures announced over the weekend failed to cheer and investors fretted over the extension of the nationwide lockdown till May 31.

Bystanders react as they watch the stock prices displayed on a digital screen outside BSE building, in Mumbai (PTI)

The S&P BSE Sensex declined over 957.78 points or 3.08% to 30,139.95 level and NSE’s Nifty50 was at 8,854.35, down 282.50 points or 3.09%, at 11:20am.

Among the top losers, Indus Bank was down nearly 10%, Axis Bank 8.45%, ICICI Bank 8.06% and SBI 6.04% on Sensex. Infosys up over 1%, ITC, and TCS were the only gainers on the 30 share index.

Reliance Industries, that announced 1.34% stake sale in Jio Platforms to US-based General Atlantic, was trading 1.19% lower.

All the sectoral indices on Nifty were in the red with Nifty Bank 6.73% down, with PSU Bank lower 6.26% and Pvt Bank 6.95%.