S&P BSE Sensex NSE Nifty 50 LIVE COVID-19 Updates Sensex Nifty Edge Lower Asian Shares Lacklustre

Sensex Drops Over 350 Points From Day's High Amid Choppy Trade

Domestic stock markets started Monday's session on a choppy note, amid sluggish trade in Asian equities as investors avoided making big bets on growing concerns about a delayed recovery from the coronavirus pandemic. The S&P BSE Sensex index tumbled as much as 393.84 points from 38,454.58 - the highest level recorded in early deals - to hit 38,060.74 on the downside within the first hour of trade.The broader NSE Nifty 50 benchmark dropped to as low as 11,264.80, having strengthened to as high as 11,373.30 earlier compared to its previous close of 11,333.85.

Here are 10 things to know about the markets today:

A selloff across sectors, led by banking and financial services shares, pulled the markets lower. At 9:57 am, the Sensex traded at 38,213.54, down 143.64 points - or 0.37 per cent - from its previous close, while the Nifty was down 26.85 points - or 0.24 per cent - at 11,307.00. (Also Read: Markets Could Be Heading Into Consolidation, Say Analysts)
UPL, Mahindra & Mahindra, ITC, ONGC and Wipro, trading between 1.18 per cent and 3.06 per cent lower, were the worst hit among the 32 shares in the 50-scrip Nifty basket.
On the other hand, Bharti Infratel, Axis Bank, Maruti Suzuki, Tata Motors and Hindalco, trading between 1.04 per cent and 4.24 per cent higher, were the top gainers.
Reliance Industries, HDFC Bank and Bharti Airtel were the biggest drags on Sensex, together accounting for a more than 80-point loss in the index.
Market breadth favoured gains, as 941 stocks on the BSE traded higher, against 738 that moved in the opposite direction. NSE registered an advance-decline ratio of 2:1 in early deals, as 1,110 shares advanced while 486 declined.
Vodafone Idea shares rose as much as 10 per cent, after the company scheduled a media announcement at noon. On Friday, it had said it would raise up to Rs 25,000 crore in fresh funds as it tries to pay off hefty dues it owes to the government.
Bengaluru-based Happiest Minds' initial public offer (IPO) opened for subscription on Monday, marking the first public issue by an IT company in four years.
Share markets elsewhere in Asia shares were on the defensive as investors grappled with sky-high valuations against the backdrop of a global economy struggling against a coronavirus-induced recession.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.11 per cent lower, after two days of losses toppled it from a two-and-a-half-year peak last week. Japan's Nikkei 225 benchmark was down 0.31 per cent.
The E-Mini S&P 500 futures traded 0.32 per cent lower, indicating a negative start for Wall Street on Monday, following a 0.81 per cent fall last Friday amid a selloff in technology stocks.