Sensex nosedives over 1,400 points in early trade

Last updated on Apr 12, 2021, 10:44 am
Sensex nosedives over 1,400 points in early trade

Equity benchmark Sensex plummeted over 1,400 points in early trade on Monday, tracking losses in index-heavyweights HDFC twins, ICICI Bank, and Reliance Industries as spiking COVID-19 cases in the country spooked investors amid negative cues from global markets. The 30-share BSE index was trading 1,427 points or 2.88 percent lower at 48,164.32. The broader NSE Nifty plunged 431.90 points or 2.91 percent to 14,402.95.

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Who were the top gainers and losers?

IndusInd Bank was the top loser in the Sensex pack, tanking around eight percent, followed by SBI, Bajaj Finance, Bajaj Auto, Titan, ICICI Bank, Bajaj Finserv, and Maruti. On the other hand, Infosys was the sole gainer.

Previous session

Sensex had ended 0.31 percent lower in the previous session

In the previous session, the 30-share BSE index Sensex had settled 154.89 points or 0.31 percent lower at 49,591.32, and the broader NSE Nifty slipped 38.95 points or 0.26 percent to 14,834.85. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs. 653.51 crore on Friday, according to provisional exchange data.

Expert talks

Uncertainty about impact of COVID-19's second wave on the economy

"Since the second wave of the pandemic is turning out worse than expected, there is profound uncertainty about its impact on the economy and markets," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "The situation is the worst in economically significant Maharashtra. This can impact the market's assumption of around 11 percent GDP growth and above 30 percent earnings growth," he added.

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Brent crude is trading at $62.98 per barrel

Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Tokyo were in the red in mid-session deals, while Seoul was trading with mild gains. Meanwhile, international oil benchmark Brent crude was trading 0.05 percent higher at $62.98 per barrel.

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