Sensex tanks over 600 points in early trade
Market benchmark Sensex plunged over 600 points in early trade on Monday, tracking losses in index-heavyweights Reliance Industries, HDFC twins, and ICICI Bank amid a negative trend in Asian equities. The 30-share BSE index tanked 607.32 points or 1.24 percent to 48,175.04 in initial deals. Similarly, the broader NSE Nifty tumbled 152.45 points or 1.04 percent to 14,478.65.
Who were the top gainers and losers?
Titan was the top loser in the Sensex pack, shedding around three percent, followed by SBI, ONGC, Reliance Industries, Axis Bank, HDFC Bank, ICICI Bank, and HDFC. On the other hand, M&M, Bajaj Auto, Maruti, HUL, IndusInd Bank, and Nestle India were among the gainers.
Sensex closed 1.98 percent lower in the previous session
In the previous session, Sensex sank 983.58 points or 1.98 percent to finish at 48,782.36, and Nifty fell 263.80 points or 1.77 percent to 14,631.10. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs. 3,465.07 crore on Friday, while domestic institutional investors (DIIs) purchased shares worth Rs. 1,419.31 crore, according to provisional exchange data.
NDA's performance in West Bengal elections might affect investments
"Domestic equities do not look to be inspiring at the moment. NDA's sub-par performance in West Bengal assembly election and the possibility of the emergence of strong opposition may weigh on investors' sentiments," said Binod Modi Head-Strategy at Reliance Securities. "Notably, a rise in COVID-19 cases, deaths, and extended partial lockdown announced are expected to keep economic momentum soft for May also," he added.
Brent crude was trading at $65.50 per barrel
Active COVID-19 cases in India rose to 34,13,642 against 33,49,644 on Sunday, according to a Health Ministry update this morning. Elsewhere in Asia, bourses in Hong Kong and Seoul were trading on a negative note in mid-session deals. Stock exchanges in Shanghai and Tokyo were closed for holidays. Meanwhile, international oil benchmark Brent crude was trading 0.39 percent lower at $66.50 per barrel.