NEW DELHI: Equity indices plunged on Monday dragged by losses in financial and auto stocks amid weak cues from global markets, as the country battles with Covid-19 crisis.
The benchmark BSE sensex tanked 470 points or 1.51 per cent to 30,690; while the broader NSE Nifty moved 118 points or 1.30 per cent lower to 8,994.
Major laggards in the BSE pack included Bajaj Finance, Mahindra & Mahindra, Titan, Hero MotoCorp, ICICI Bank, Tech Mahindra and HDFC Bank with their stocks down as much as 10.27 per cent.
On NSE, except for Nifty Pharma and Metal, all other sub-indices witnesses losses with Nifty Realty, Media and Financial Services sliding as much as 4.87 per cent.
Analysts have said that the stock markets are expected to witness volatile trading sessions this week.
The industries ministry recommended restarting some manufacturing in the auto, textile, defence, electronics and other sectors, according to a letter seen by news agency Reuters, to help offset the economic damage of the lockdown.
Sentiment was also hit by a more than $1 a barrel jump in oil prices after top producers agreed to their biggest-ever output cut. India is one of the world's top oil importers, making it susceptible to higher crude prices.
"In Spite of the hope that infections are peaking out in Europe, Indian markets closed negative with virus infections seen to be increasing in some regions of India. The Indian markets are awaiting the decision of the government regarding the current lockdown. Government is expected to announce a plan for a staggered withdrawal from the lockdown," said Vinod Nair, head of research at Geojit Financial Services told news agency PTI.
Any continuation of the lockdown in its current form will put further pressure on economic growth and corporate earnings and will have a negative impact on the markets, he added.
With the 21-day lockdown period ending, Prime Minister Narendra Modi will address the nation on Tuesday in which he is expected to announce a further extension in the spell.
Meanwhile, the rupee settled for the day on a flat note at 76.27 against the US dollar.
Brent crude futures, the global oil benchmark, fell 2.06 per cent to $30.83 per barrel.
The total number of coronavirus cases in India crossed 9,000 while the death toll has now gone past 300-mark.
Further, markets would remain closed on Tuesday for 'Dr Babasaheb Ambedkar Jayanti'.
(With agency inputs)
The benchmark BSE sensex tanked 470 points or 1.51 per cent to 30,690; while the broader NSE Nifty moved 118 points or 1.30 per cent lower to 8,994.
Major laggards in the BSE pack included Bajaj Finance, Mahindra & Mahindra, Titan, Hero MotoCorp, ICICI Bank, Tech Mahindra and HDFC Bank with their stocks down as much as 10.27 per cent.
On NSE, except for Nifty Pharma and Metal, all other sub-indices witnesses losses with Nifty Realty, Media and Financial Services sliding as much as 4.87 per cent.
Analysts have said that the stock markets are expected to witness volatile trading sessions this week.
The industries ministry recommended restarting some manufacturing in the auto, textile, defence, electronics and other sectors, according to a letter seen by news agency Reuters, to help offset the economic damage of the lockdown.
Sentiment was also hit by a more than $1 a barrel jump in oil prices after top producers agreed to their biggest-ever output cut. India is one of the world's top oil importers, making it susceptible to higher crude prices.
"In Spite of the hope that infections are peaking out in Europe, Indian markets closed negative with virus infections seen to be increasing in some regions of India. The Indian markets are awaiting the decision of the government regarding the current lockdown. Government is expected to announce a plan for a staggered withdrawal from the lockdown," said Vinod Nair, head of research at Geojit Financial Services told news agency PTI.
Any continuation of the lockdown in its current form will put further pressure on economic growth and corporate earnings and will have a negative impact on the markets, he added.
With the 21-day lockdown period ending, Prime Minister Narendra Modi will address the nation on Tuesday in which he is expected to announce a further extension in the spell.
Meanwhile, the rupee settled for the day on a flat note at 76.27 against the US dollar.
Brent crude futures, the global oil benchmark, fell 2.06 per cent to $30.83 per barrel.
The total number of coronavirus cases in India crossed 9,000 while the death toll has now gone past 300-mark.
Further, markets would remain closed on Tuesday for 'Dr Babasaheb Ambedkar Jayanti'.
(With agency inputs)
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