IndusInd Bank, Bajaj Finance, Axis Bank, SBI and ICICI Bank are top losers on the BSEThe criteria indices slipped more than 2 percent in early trading on the back of a colossal dive in Civid cases, as the country crossed the 1 lakh mark in daily Covid-19 cases for the first time ever.
India reported 1,03,558 new Covid-19 cases in the last 24 hr, according to the Union Health Ministry.
At 10:20 am, the BSE Sensex was at 48,825.11, lower by 1,183.25 points or 2.3 per cent and the NSE Nifty was at 14,552.55, down 320.05 points or 2.13 per cent.
The more comprehensive markets likewise fell in tandem with the largecap indices, with the BSE Midcap index and BSE Smallcap index losing 2 per cent each in early trading.MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat, with China closed for Tomb-Sweeping day and Australia on Easter Monday.The S-P 500 surged on Thursday to its first-ever close above the 4,000 mark, raised by gains in Microsoft, Amazon and Alphabet, along with optimism about a recovering United States economy.
The Dow Jones increased 0.52 percent, while the S-P 500 got 1.18 percent and Nasdaq Composite climbed up 1.76 per cent.Meanwhile, oil rates edged lower in early Asian trade on Monday after OPEC+ agreed recently to slowly ease some of its production cuts in between May and July.
Brent crude futures for June fell 16 cents or 0.2 per cent to $64.70 a barrel by 2351 GMT.Financial stocks are trading weak in today's session; IndusInd Bank, Bajaj Financing, Axis Bank, SBI and ICICI Bank are the top losers on the BSE, weakening by 2.1 per cent to 3.2 percent each on the BSE.
Bajaj Finserv, HDFC, Bajaj Vehicle and HDFC Bank are the other considerable losers amongst the BSE stocks.On the other hand, IT stocks are bucking the weak trend.
Infosys, Wipro and HCL Tech have shed around 2 per cent each on the BSE.The BSE market breadth is weak.
Out of 2,283 stocks traded on the BSE, there are 903 advancing stocks as against 1,219 decreases.