Here are 10 things to know about the sharp fall in markets:
The Sensex fell 661 points to close at 36,033 and Nifty 50 index dropped 193 points to settle at 10,610.
Investor sentiment was shaken after COVID-19 cases crossed the 9 lakh-mark as 28,498 new cases and 553 deaths were reported in the last 24 hours. While 23,727 people have died of the infection, more than 5.71 lakh (63.02 per cent of patients) have recovered.
Losses in HDFC, HDFC Bank, Reliance Industries, ICICI Bank, Axis Bank, Kotak Mahindra Bank and ITC contributed over 400 points to the fall in Sensex.
All sectoral indices barring the pharmaceutical gauge ended lower, led by a more than 3 per cent fall in the Nifty Bank. The Nifty Financial Services, PSU Bank, Private Bank and Metal indices also fell between 2.5 per cent and 3.3 per cent.
All the 12 banking shares in Nifty Bank index ended lower, with RBL Bank, Bandhan Bank, IndusInd Bank, Axis Bank and IDFC First Bank dropping between 4 per cent and 8 per cent.
Auto shares also faced intense selling pressure after industry body Society of Indian Automobile Manufacturers (SIAM) said passenger vehicle sales in the country declined 49.59 per cent last month compared to the corresponding period a year ago.
Mid- and small-cap shares also ended lower, with the Nifty Midcap 100 declining 1.3 per cent and the Nifty Smallcap 100 index ending 1.5 per cent lower.
IndusInd Bank was the top Nifty loser, plunging 6 per cent to close at Rs 508. Axis Bank, Zee Entertainment, State Bank of India, Hindalco, Eicher Motors, ICICI Bank, Maruti Suzuki, Bajaj Finserv, HDFC, Vedanta and Tata Motors fell between 3 per cent and 5 per cent.
On the flipside, Dr Reddy's Labs, Bharti Airtel and Titan were among the notable gainers.
Overall market breadth was extremely negative as 1,887 shares declined while 647 advanced on the BSE.
