Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
The S&P BSE Sensex and NSE Nifty 50 indexes lost all its shine during the last hour of the trading on Monday. This is followed by panic selling in the last hour of the session after two new COVID-19 cases were detected in Delhi and Telangana on Monday.
As the closing bells rang Sensex was down over 153 points at 38,144.02. Similarly, Nifty dropped 69 points lower at 11,132.
The central government said, “one positive case of COVID-19 has been detected in New Delhi, and one has been detected in Telangana. The person from Delhi has travel history from Italy, while the one from Telangana has travel history from Dubai. Further details of his travels are being ascertained.”
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“Both the patients are stable and being closely monitored,” it added.
Among the Sensex stocks, SBI and Tata Steel slipped nearly b 6 per cent, while Hero Motocorp, Tata Motors and ONGC were down by around 4 per cent.
Global markets bounced back on Monday after the Federal Reserve signalled a rate cut in a rare statement that is made in the backdrop of massive sell-off in global markets last week. In an emergency statement, the federal Bank had said that it would use its tools and “act as appropriate to support the economy”. This overshadowed the fresh spike in coronavirus infections in China and second coronavirus related death in the US.
(With input from agencies)
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