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Sensex dives 883 points amid surging Covid-19 cases

NEW DELHI: Equity indices plunged on Monday with the benchmark BSE sensex falling over 850 points amid an unrelenting surge in coronavirus cases across the country.
The 30-share BSE index fell 883 points or 1.81 per cent to close at 47,949; while the broader NSE Nifty settled 258 points or 1.77 per cent lower at 14,359.
Top losers in the sensex pack included PowerGrid, IndusInd Bank, ONGC, Kotak Bank, Asian Paints and L&T and Kotak Bank with their shares falling up to 4.24 per cent.
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Dr Reddy and Infosys were the only two stocks that finished in green.
On the NSE platform, sub-indices Nifty PSU Bank, Realty, and Auto falling as much as 4.31 per cent.
Fear of harsher restrictions and more economic pain amid record surge in Covid-19 cases spooked investor sentiments.
India reported its tenth record daily increase in Covid cases in eleven days, with the capital city of New Delhi announcing a complete curfew till next Monday.
Maharashtra had already imposed stringent curbs, effective April 15.
“The surge in Covid-19 infections looks uncontrollable right now… the numbers will stabilise but investors are worried about how long it will take and how much stress the medical system will be able to bear,” Siddharth Khemka, head of retail research at Motilal Oswal Financial Services told news agency Reuters.
“An entire economic cycle is set to be impacted as cases rise and related curbs are increased,” Khemka added.
Meanwhile, foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 437.51 crore on Friday, according to provisional exchange data.
(With inputs from agencies)

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