The Indian equity benchmarks crashed on Monday as rising Covid-19 cases continue to weigh on investors’ sentiment. The Sensex dropped as much as 1,479 points or 2.98 per cent to hit an intraday low of 48,112.17 and Nifty 50 index tumbled below its important psychological level of 14,400 at the day’s lowest level. All but two shares in the Nifty 50 basket were trading with a negative bias.
As of 9:41 am, the Sensex fell 1,194 points to 48,397 and Nifty 50 index declined 377 points or 2.54 per cent to 14,457.
India recorded 1,68,912 new Covid in the last 24 hours, the sixth record rise in seven days, pushing the country’s caseload to over 1.35 crore. The resurgence of the virus led to 904 new deaths, taking the total death count to 1,70,179.
Maharashtra remains the worst-affected state with 63,294 new cases and 349 deaths in the last 24 hours. The state government is likely to take a call on announcing a complete lockdown in the state this week.
Relentless surge in coronavirus cases is threatening to derail a recovery in Asia’s third-largest economy.