Updated: April 5, 2021 4:07:01 pm
The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled over 1.5 per cent lower on Monday after the daily coronavirus (COVID-19) infections surpassed 1,00,000-mark for the first time, and some states imposed fresh restrictions on public movement thereby triggering concerns about the pace of the country’s economic recovery.
The S&P BSE Sensex fell 870.51 points (1.74 per cent) to settle at 49,159.32, while the broader Nifty 50 on NSE slipped 229.55 points (1.54 per cent) to end at 14,637.80. During the intraday trade, the Sensex had crashed 1,449.03 points (2.90 per cent) to 48,580.80, while the Nifty had fallen 407.85 points (2.74 per cent) to hit an intraday low of 14,459.50. Both the indices had opened over 0.5 per cent lower.
ICICI Bank was the top contributor to the fall in the BSE benchmark. It was followed by the HDFC twins comprising Housing Development Finance Corporation (HDFC) and HDFC Bank.
Friday, the markets were shut on account of Good Friday. On Thursday, the Sensex had ended 520.68 points (1.05 per cent) higher at 50,029.83, and the Nifty had risen 176.65 points (1.20 per cent) to settle at 14,867.35.
Among sectoral indices on NSE, all the indices except Nifty IT and Nifty Metal ended lower on Monday. The Bank Nifty fell 3.48 per cent weighed by IndusInd Bank, IDFC First Bank and State Bank of India (SBI). The Nifty Financial Services index too slipped 3.25 per cent dragged by Bajaj Finance and Mahindra & Mahindra Financial Services. This apart, the Nifty IT index rose 1.97 per cent led by Larsen & Toubro Infotech and Coforge.
In the broader market, the S&P BSE MidCap index ended at 20,283.86, down 232.54 points (1.13 per cent) while the S&P BSE SmallCap settled at 20,844.99, down 226.70 points (1.08 per cent). The volatility index or India VIX rose 6.14 per cent to 21.2150.
“The market witnessed a huge sell-off today as India’s second wave of Covid-19 is getting bigger than anticipated and is expected to ruin the pace of economic recovery. High valuation added further concern due to a possible downgrade in Q1FY22 earnings. Barring IT, metal and telecom, all sectors remained in the red. A policy decision in the upcoming MPC announcement and Q4 earnings will define the market volatility in the coming days,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global stock prices rose to a 1 1/2-month high on Monday after data showed 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.
US S&P500 futures traded 0.3 per cent higher, maintaining most of their gains made during a truncated session on Friday though tech-heavy Nasdaq futures lagged behind, trading almost flat.
In Asia, Japan’s Nikkei rose 0.8 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan slipped slightly, with China closed for Tomb-Sweeping day and Australia on Easter Monday.
MSCI’s all-country world index was almost flat but stood near its highest level since late February and within sight of a record high set that month, though trade remains slow, with much of Europe on holiday.
–global market input from Reuters
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