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Sensex, Nifty down 2% in afternoon trade; IndusInd Bank, Bajaj Fin top laggards
Infosys, Tech Mahindra, and HCL Technologies were the only gainers on S&P BSE Sensex.
Benchmark indices extended early losses and were trading 2 per cent lower in the afternoon session on Monday amid worry over the rapidly increasing Covid-19 cases in the nation. The S&P BSE Sensex tumbled 1,100 points, or 2.2 per cent, to 48,950 levels and the Nifty50 index came down from the 14,600-mark. BSE Sensex tumbled over 1,400 points in the morning session. The top Sensex laggards were IndusInd Bank, Bajaj Finance, and Bajaj Finserv, which fell over 5 per cent each. And, Infosys, Tech Mahindra, and HCL Technologies were the only gainers on Sensex.
All the Nifty sectoral indices, barring Nifty IT, were in the red, with Nifty Bank and Nifty Financial Services indexes falling over 3 per cent, each. On the other hand, Nifty IT index rose over 0.9 per cent.
Sensex ended 520.68 points or 1.05 per cent higher at 50,029.83 and Nifty rose 176.65 points or 1.2 per cent to settle at 14,867.35 in the previous session on Thursday. Financial markets were closed on Friday for Good Friday.
Binod Modi, the head of strategy at Reliance Securities, was cited as saying by news agency PTI that domestic equities do not look to be inspiring at the moment. Modi said that the sharp spike in coronavirus disease cases in the country and resultant restrictions are likely to dent investors' sentiments in the near term. "Imposition of weekend lockdown in Maharashtra, which contributes over 13 per cent of the country’s GDP and nearly 20 per cent of India's industrial output, does not augur well," he told PTI.
Elsewhere, Asian stock prices rose to a one-and-a-half month high after data showing a surge in US employment while US bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated.
(With agency inputs)
