Sensex dives 883 points amid surging Covid-19 cases; Nifty settles at 14,359

NEW DELHI: The stock indices fell on Monday and the BSE sensex benchmark index fell over 850 points amid an unstoppable spike in coronavirus infections in the country.
The 30-share BSE index fell 883 points, or 1.81 percent, to close at 47,949; while the wider NSE Nifty was down 258 points, or 1.77 percent, at 14,359.
The top losers in the Sensex package included PowerGrid, IndusInd Bank, ONGC, Kotak Bank, Asian Paints, as well as L&T and Kotak Bank, whose shares fell by as much as 4.24 percent.
Dr. Reddy and Infosys were the only two stocks that ended up green.
On the NSE platform, the sub-indices Nifty PSU Bank, Realty and Auto fell by up to 4.31 percent.
According to investors, fears of tighter restrictions and more economic pain in the face of the record surge in Covid-19 cases has rocked investor sentiment.
India reported its tenth daily record increase in Covid cases in eleven days. The capital New Delhi announced a full curfew until next Monday.
Maharashtra had already imposed strict curbs effective April 15.
“The rise in Covid-19 infections currently seems uncontrollable … the numbers will stabilize, but investors are concerned about how long it will take and how much stress the medical system will withstand,” said Siddharth Khemka, Head of retail research at Motilal Oswal Financial Services told Reuters news agency.
“An entire business cycle is likely to be affected as cases rise and associated restrictions increase,” added Khemka.
Meanwhile, foreign institutional investors were net buyers in the capital market when they bought shares worth Rs.437.51 billion on Friday, according to preliminary exchange data.
(With contributions from agencies)

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