Indian markets nosedived massively on Monday’s session amid weak global cues as investors contemplated the latest upbeat economic estimate from the US Federal Reserve Chair Jerome Powell in comparison to persistent risks from the Covid-19 pandemic.
In the opening bell, Sensex has dipped by more than 1,479 points with an intraday low of 48,112.17. Meanwhile, Nifty 50 dropped by over 450 points and has touched the day’s low of 14,384.40.
At the domestic front, a broad-based selloff was witnessed with banking, consumer durables and auto stocks underperforming the most. Also, investors focus has shifted to March 2021 quarterly result as IT-giant TCS is set to announce its financial performance later today.
At around 09.49 am, Sensex was trading at 48,422.87 down by 1168.45 points or 2.36%. Nifty 50 was performing at 14,475.25 lower by 359.60 points or 2.42%.
On Sensex, Dr Reddy’s Lab was the top gainer soaring by 1.5% followed by Infosys surging 1% and Sun Pharma with a marginal upside.
On the contrary, Sensex underperformers list included IndusInd Bank on the top spot plunging 7% followed by SBI diving nearly 6% and Bajaj Finance lower by over 5%.
Bajaj Auto, Kotak Bank, Axis Bank, Maruti Suzuki and ICICI Bank slipped between 3.5-4%. While other major stocks like M&M, HDFC, Titan, Ultratech Cement, Bajaj Finserv and Power Grid fell by 3-3.5%.
Heavyweights like RIL also dragged the benchmarks tumbling over 2% followed by Bharti Airtel with a similar downside. ONGC, HDFC Bank, NTPC, L&T also weighed by plunging around 3% each.
TCS dived nearly 1% ahead of the Q4 result announcement. Nestle, HUL and HCL Tech dropped by 0.5-1%. ITC slipped nearly 2%.
In terms of sectoral indices, on BSE, the Bankex index dipped more than 1,531 points, while the Consumer Durables index fell by 1,010 points. The Auto index dropped by 900 points.
Stock Market Sees Major Fall as Sensex Opens at 1,400 Pts Below, More Than 40 Nifty Stocks Turn Red 