Sensex tumbles 871 points; Nifty tanks below 14,650

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Mumbai: Equity benchmark Sensex tanked 871 points connected Monday, dragged by a selloff successful fiscal stocks arsenic spiking COVID-19 cases spooked investors and fanned concerns implicit economical recovery.

After plunging implicit 1,400 points earlier successful the day, the 30-share BSE scale pared immoderate losses to decorativeness astatine 49,159.32, down 870.51 points oregon 1.74 per cent. Similarly, the broader NSE Nifty sank 229.55 points oregon 1.54 per cent to 14,637.80.

Bajaj Finance was the apical laggard successful the Sensex pack, plunging astir 6 per cent, followed by IndusInd Bank, SBI, M&M, Axis Bank, Bajaj Auto and ICICI Bank.

On the different hand, HCL Tech, TCS and Infosys were among the gainers.

"The marketplace witnessed a immense sell-off contiguous arsenic India's 2nd question of COVID-19 is getting bigger than anticipated and is expected to ruin the gait of economical recovery. High valuation added further interest owed to a imaginable downgrade successful Q1FY22 earnings," said Vinod Nair, Head of Research astatine Geojit Financial Services.

A argumentation determination successful the upcoming MPC announcement and Q4 net volition specify the marketplace volatility successful the coming days, helium added.

The emergence successful COVID-19 cases successful India is simply a sobering reminder that challenges to betterment inactive remain, said Lalitabh Srivastava, AVP research, Sharekhan by BNP Paribas.

The provisional numbers of cardinal banks bespeak a consolidating inclination successful presumption of advances maturation but encouraging show connected deposit and CASA front, helium added.

Elsewhere successful Asia, bourses successful Seoul and Tokyo ended connected a affirmative note. Markets successful Shanghai, Hong Kong and Australia were closed for holidays.

Stock exchanges successful Europe were besides closed.

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Meanwhile, the planetary lipid benchmark Brent crude was trading 2.20 per cent little astatine USD 63.43 per barrel. 

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