Here are 10 things to know about the markets today:
While losses in most sectors pulled the markets lower, gains in consumer goods and pharmaceutical shares kept the downside in check. At 9:43 am, the Sensex trade 798.68 points - or 2.52 per cent - lower at 30,849.32 while the Nifty was at 9,024.95, down 236.90 points (2.56 per cent) compared to the previous close.
In the Nifty basket of 50 shares, 44 stocks succumbed to the negative territory at the time. Maruti Suzuki, Hindalco, Tata Steel, Vedanta and Bajaj Finance - down between 6.86 per cent adn 8.05 per cent each - were the top percentage losers.
On the other hand, Dr Reddy's, Sun Pharma, Cipla, ITC and Hindustan Unilever - trading between 0.79 per cent and 2.28 per cent higher - were the top Nifty gainers.
Reliance Industries (down 3.49 per cent), ICICI Bank (5.68 per cent) and HDFC (3.08 per cent) together accounted for a loss of more than 350 points in the Sensex.
Analysts say that with rising COVID-19 cases the the only bouts of positive momentum for now are on hopes the government and the RBI will take more measures to support the economy against the fallout from the pandemic.
Infosys shares fell as much as 3.86 per cent to Rs 627.70 apiece on the BSE, compared to their previous close of Rs 652.90, a day after the Bengaluru-based IT major reported a 3.05 per cent decline in profit to Rs 4,321 crore for the January-March period compared with the previous quarter.
Asian equity markets followed Wall Street lower. MSCI's broadest index of Asia-Pacific shares outside Japan fell half a per cent. Japan's Nikkei 225 benchmark fell 1 per cent.
US crude oil bounced back into positive territory on Tuesday, after a historic plunge below zero that shocked investors and pushed down stock prices and Asian currencies. Futures for May delivery of West Texas Intermediate rose nearly $39 but were still just $1.76 a barrel, after a storage squeeze and collapsing fuel demand crushed prices to eye-popping lows.
The contract expires at the end of trade on Tuesday, which is pushing investors to clear them from their books at any price, and June prices at $22 per barrel point to some relief. But the collapse highlighted intense disruptions globally as the coronavirus pandemic and lockdowns paralyse the world economy, and augurs badly for a swift return to growth.
On Monday, the domestic markets had finished a volatile session on a mixed note with the S&P BSE Sensex index ending 59.28 points (0.19 per cent) higher at 31,648.00 and the broader NSE Nifty benchmark settling at 9,261.85, down 4.90 points (0.05 per cent) from the previous close.
