Markets open in red: Sensex nosedives over 1,500 points, Nifty plunges below 9,500-level; Rupee tanks in early trade
The Sensex was trading 1,513.68 points or 4.49 percent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 percent, to 9,434.20
The markets were slated to open with a massive Gap-down down amidst sea of red across the globe. The SGX Nifty was suggesting a Gap-down down opening of around 450 points or 4.60 perent lower. The entire Asian pack is trading in the red with deep cuts of 2.50 percent - 3.70 percent, said Aditya Agarwala, senior technical analyst at broking firrm, YES Securities.
The markets opened with the Sensex plummeting over 1,500 points in opening trade on Monday dragged by selloff in index-heavyweights HDFC twins, ICICI Bank, TCS and Infosys amid negative cues from global markets.
The 30-share index was trading 1,513.68 points or 4.49 percent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 percent, to 9,434.20.
ICICI Bank was the top laggard in the Sensex pack, sinking over 8 percent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank.
Shares of Reliance Industries fell over 1 percent after the oil-to-telecom conglomerate on Thursday posted its biggest ever drop in quarterly net profit. Its net profit in January-March slipped 37 percent to Rs 6,546 crore, the lowest in three years.
Meanwhile, earlier in the day, Silver Lake-one of the world's largest tech investors-agreed to invest Rs 5,655.75 crore to buy a 1.15 percent stake in Jio Platforms.
Sun Pharma was the sole gainer in the BSE index.
In the previous session, the BSE barometer settled 997.46 points or 3.05 per cent higher at 33,717.62, while the Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90.
The markets remained closed on Friday for ‘Maharashtra Day'.
Foreign portfolio investors were net buyers in the capital market on Thursday, as they purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data.
The government on Friday extended the nationwide lockdown till 17 May.
According to analysts, the market has realised that the cascading effect of the restrictions on the domestic economy and corporate earnings is much more than anticipated.
Besides, selloff in other Asian equities too spooked investors, traders said.
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Rupee tanked 64 paise to 75.73 against US dollar in early trade.
Asian markets down
Bourses in Hong Kong and Seoul were trading significantly lower, while those in Shanghai and Tokyo were closed for a holiday.
International oil benchmark Brent crude futures were trading flat at USD 26.41 per barrel.
Meanwhile, global tally of coronavirus infections was over 35 lakh, with around 2.47 lakh deaths.
The death toll due to COVID-19 in India rose to 1,373 and the number of cases climbed to 42,533 in the country, according to the health ministry.
--With inputs from agencies
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