Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Benchmark indices ended 552 points lower on Monday, dragged by heavy losses in financial stocks as second wave of coronavirus infections intensified.
After sinking by 857 points during Monday’s intraday trade, the S&P BSE Sensex settled 552.09 points, or 1.63 per cent, lower at 33,228.80. Similarly, the NSE Nifty tumbled 159.20 points, or 1.60 per cent, to close at 9,813.70.
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The top gainers on the BSE pack were led by Reliance Industries, HCL Tech, Sun Pharma and ONGC.
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Whereas, the laggards were majorly represented by the banks. IndusInd Bank was the top laggard in the Sensex pack, tanking around 7 per cent, followed by Axis Bank, Bajaj Finance, ICICI Bank, NTPC, Tata Steel, ITC and HDFC Bank.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi told PTI that market traded on a negative note on subdued global cues on fears of a second wave of coronavirus cases.
With signs that the deadly disease is coming back in China and the United States, investor optimism about economic recovery is beginning to fade, traders said.
The number of cases linked to the disease around the world has crossed 79 lakh and the death toll has topped 4.33 lakh.
In India, the number of infections rose to 3.32 lakh and the death toll rose to 9,520, according to the health ministry.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul tanked up to 4.76 per cent. Stock exchanges in Europe were also trading over 1 per cent lower.
International oil benchmark Brent crude futures fell 0.93 per cent to USD 38.37 per barrel.
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