Sensex Tanks Nearly 600 Points in Early Trade, Nifty Below 15,600

The BSE Sensex plunged nearly 600 points in early trade on Monday, tracking losses in index-heavyweights ICICI Bank, SBI and L&T, while NSE Nifty tumbled 175.35 points or 1.12 per cent to 15,508, amid a steep correction in global equities.

There was some cheer in the coronavirus front, as India reported 53,256 new infections in the last 24 hours, the lowest in 88 days, according to data updated by the Union health ministry on Monday.

The 30-share BSE index was trading 596.78 points or 1.14 per cent lower at 51,747.67 in initial deals. M&M was the top loser in the Sensex pack, shedding over 2 per cent, followed by L&T, UltraTech Cement, ICICI Bank, Maruti and SBI. NTPC, HUL, Sun Pharma and Asian Paints were among the gainers.

In the previous session, Sensex ended 21.12 points or 0.04 per cent higher at 52,344.45, while Nifty inched 8.05 points or 0.05 per cent lower to 15,683.35.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,680.57 crore on Friday, as per provisional exchange data.

According to Binod Modi, head of strategy at Reliance Securities, domestic markets do not look to be inspiring as of now.

“Indian equities saw profit booking last week led by weak global cues. Undoubtedly, weakening rupee, rising crude prices and doubts over sustainability of FIIs flow due to taper talk in the US, aggravated investors’ concerns. While India’s daily caseload falling below 60,000 offers comfort, indication of a third wave in the next 6-8 months in the country has raised fresh concerns,” he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with heavy losses in mid-session deals.

International oil benchmark Brent crude was trading 0.53 per cent higher at $73.90 per barrel.