Sensex loses 1,145 points to fall under 50,000-mark as Covid-19, profit booking take toll on markets
The BSE index witnessed the sharpest single-day decline since December.
Equity benchmark indices closed in the red for the fifth consecutive session on Monday as Sensex and Nifty suffered losses of more than 2% each. The 30-share BSE index lost 1,145.44 points (2.25%), to close at 49,744.32, in what turned out to be the sharpest selloff since December, according to Mint. The broader 50-share NSE Nifty lost 306.05 points (2.04%) to finish the day’s trading at 14,675.70.
The meltdown in the markets came on back of a rise in coronavirus cases in the country leading to lockdown in some parts, rise in bond yields and stretched valuations in the equity markets, Mint reported.
“We’ve seen a correction in the market in the last few sessions,” New Delhi-based Quantum Securities Director Neeraj Dewan told Reuters. “Some people still want to book profits because they are scared of the ongoing correction.”
Meanwhile on Monday, the benchmark 10-year bond yield rose 6.19% at 3 pm, after rising to 6.21% earlier in the day, the highest level since August 24 last year, according to Reuters.
In the equity markets, all sectoral indices, with the exception of Nifty Metal finished in thered, with Nifty Media (-3.42%) and Nifty IT (-2.89%), losing the most.
Among leading stocks, Dr Reddy’s, Reliance, TCS and Maruti lost more than 3% each on the BSE, while ONGC and HDFC Bank were among the top gainers.