Losses in financial stocks pushed Indian shares sharply lower on Monday, in line with global markets as world growth outlook dampened following a surge in coronavirus cases outside China.
Blue-chip NSE Nifty 50 index ended 2.08% lower at 11,829.40, while the S&P BSE Sensex shed 1.96% to end at 40,363.23. The Nifty hit a more than two-week intraday low, with all its 50 components closing in the red.
Oil-to-telecoms conglomerate Reliance Industries Ltd , mortgage lender Housing Development Finance Corp Ltd and ICICI Bank Ltd were the top drags on the Nifty.
A sharp rise in virus cases in Italy, South Korea and Iran over the weekend pushed investors to safe-haven assets, lifting gold prices.
Meanwhile, U.S. President Donald Trump, who is on a two-day visit to India, said the United States was keen to boost defence equipment sales to India and that both sides were at the early stages of reaching an “incredible” trade agreement.