Sensex opens 300 points lower, Nifty below 9,899; investors fear second wave of coronavirus
At 9:30 am, BSE Sensex was down by 283.92 points lower at 33,496.97, while NSE Nifty was trading 0.74{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} lower at 9,899.10.
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai. (Photo: Reuters)
Domestic markets on Monday open in red in line with weak global market sentiments as investors fear a second wave of coronavirus infections.
At 9:30 am, BSE Sensex was down by 283.92 points lower at 33,496.97, while NSE Nifty was trading 0.74{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} lower at 9,899.10.
Banking stocks were once again hit in early trade as IndusInd Bank, ICICI Bank, Bajaj Finance, Axis Bank, SBI and HDFC suffered deep losses. Other laggards were Tata Steel, JSW Steel, LT and Hero MotoCorp.
The Nifty sectoral indices were mixed as Nifty Bank, Private Bank, Auto, Metal and Financial Services led the negative rally, while Media, IT, FMCG and Pharma were trading positive.
The has been a marked rise in volatility as global markets grow nervous over rising concerns of a second wave of coronavirus infections.
The rise in domestic infections and fresh resurgence of infections in China is the key factor behind today’s negativity in stock markets.
Oil prices have also slipped considerably due to the recent rise in infections after a sharp rebound earlier this month.
Analysts say that any fresh emergence of cases will make investors cautious and all of them may get a fresh “reality check.”
India’s total number of registered coronavirus cases crossed 3.32 lakh with over 9,520 deaths.
While India is still struggling to bring down daily rise in cases, the resurgence of dozens of infections in Beijing has the entire world worried. Cases are also rising in US continue to rise at an alarming pace as well.
