Market Today Live: Sensex crashes 883 points, Nifty settles below 14,400-mark as rising COVID-19 cases spook investors

Market News Update: The S&P BSE Sensex fell 882.61 points (1.81 per cent) to settle at 47,949.42, while the Nifty 50 on NSE ended 258.40 points (1.77 per cent) lower at 14,359.45. Both the indices had opened around 2 per cent lower earlier in the day and skid further in the morning session of trade.

By: Express Web Desk

New Delhi | Updated: April 20, 2021 12:13 AM IST

3 min read

Bombay stock exchange in Dalal street. (File express photo by Nirmal Harindran)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled nearly 2 per cent lower on Monday as the surge in coronavirus (COVID-19) cases across the country fuelled fears of harsher restrictions and more economic pain.

The S&P BSE Sensex fell 882.61 points (1.81 per cent) to settle at 47,949.42, while the Nifty 50 on NSE ended 258.40 points (1.77 per cent) lower at 14,359.45. Both the indices had opened around 2 per cent lower earlier in the day and skid further in the morning session of trade. During the trade, the BSE benchmark fell as much as 1,469.32 points (3.01 per cent) to hit an intraday low of 47,362.71, while the NSE barometer had slipped 426.45 points (2.92 per cent) to 14,191.40.

Earlier today, India reported 2,73,810 new Covid-19 cases and 1,619 deaths in the last 24 hours on Monday, according to data from the Union Health Ministry. Follow COVID-19 LIVE updates

Housing Development Finance Corporation (HDFC) was the top index contributor to Sensex’s fall on Monday. It was followed by Reliance Industries (RIL), Kotak Mahindra Bank, HDFC Bank and Larsen & Toubro (L&T).

All the sectoral indices except the Nifty Pharma index ended lower on Monday. The Nifty PSU Bank was the top laggard of the day falling 4.31 per cent dragged by Bank of India, Bank of Maharashtra and The Jammu & Kashmir Bank. It was followed by the Nifty Realty index which fell 4.07 per cent weighed by Indiabulls Real Estate, DLF and Prestige Estates Projects. The key Bank Nifty also slipped 2.40 per cent due to weakness in RBL Bank, The Federal Bank and AU Small Finance Bank.

“Domestic markets nosedived as surging Covid cases and the imposition of restrictions continued to fan investor worries. Increasing restrictions are forcing investors to reconsider the current valuations. Further, the banking sector pressured the market due to rising concerns over asset quality. As the investors remain focused on the rising covid-19 cases, the market will continue to ride on volatility. We can expect stability as daily cases fall in the coming weeks due to lockdown, completion of state elections and immunity with vaccination,” said Vinod Nair, Head of Research at Geojit Financial Services.

Explained | Why the Sensex fell sharply in morning trade, will the weakness continue?

Global market

World shares traded near record highs on Monday, as markets were generally upbeat about the prospects for a global economic recovery from COVID-19, ahead of a busy week for earnings.

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Europe’s STOXX 600 reached a record high and was up 0.2 per cent at 0736 GMT. Asian shares hit one-month highs overnight.

MSCI world equity index, which tracks shares in 49 countries, was flat on the day, having come close to but not surpassed Friday’s record high. MSCI’s main European Index was up 0.1 per cent.

–global market input from Reuters

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