The domestic stock markets have crashed by more than 2 per cent in early trading, overlooking the positive hints from the worldwide bourses, as the second wave of Covid 19 continued to batter the country.
At 9:20 am, the Sensex was trading at 47,778.75, weaker by 1053.55 points or 2.16 per cent and the NSE Nifty was at 14,285.50, down 332.45 points or 2.16 percent.
Financial and automobile stocks received the majority of the hammering, with the BSE monetary and vehicle indices losing 4.7 per cent and 3.6 percent respectively.The broader markets were likewise under extreme selling pressure, with the BSE Midcap index and BSE Smallcap index shedding around 2.8 per cent each.
On Monday, India reported its tenth record day-to-day increase in COVID-19 cases in eleven days and included more than 2 lakh everyday cases to the general tally for the fourth successive day.Asian shares hovered near 1-1/2 week highs on Monday assisted by expectations that monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts helped alleviate fears of another harmful wave of coronavirus infections.Australian shares were greater by 0.25, while New Zealand's benchmark index and South Korea's KOSPI included 0.4 percent each.
Japan's Nikkei eased 0.4 per cent.The three primary Wall Street indexes ended higher for the day and week, with the S&P 500 and the Dow breaking closing records, as financiers took strong economic information and bank profits as indications of momentum in the United States pandemic recovery.The Dow Jones increased 0.48 percent, the S&P 500 acquired 0.36 percent and Nasdaq Composite included 0.1 per cent.Financial and vehicle stocks are leading the carnage on Dalal Street this morning.
ICICI Bank has actually nosedived more than 4 per cent at Rs 539.90 to top the loser's list on the BSE.
To name a few financial names, IndusInd Bank, Axis Bank, Bajaj Finance, HDFC and SBI lost around 4 per cent each on the BSE.
In the auto space, Tata Motors and Hero MotoCorp have likewise shed around 4 percent each.Wipro was the sole gainer in the BSE Sensex pack; the stock added 1.4 per cent to Rs 475.95 on the BSE.The BSE market breadth was weak.
Out of 2,234 stocks traded on the BSE, there were 1,774 decreasing stocks as against 368 advances.