Indian Equity Markets Crash, Sensex Plummets 811 Points

In March this year, after the Indian government announced a nationwide lockdown due to COVID-19, the country's benchmark stock index, Sensex, tumbled from 42,000 points to 26,000, anticipating economic uncertainty due to the pandemic. The index has recovered about 50 percent from its March lows.

Indian equity markets tanked on Monday owing to weak global cues triggered by fears of fresh lockdowns in Europe following a reported spike in the number of COVID-19 cases.

The Bombay Stock Exchange’s benchmark 30-share index, Sensex, tumbled 811 points to close at 38,034 points on Monday. 27 shares in the index saw heavy selling and closed at a weaker price over their previous close.

Similarly, the wider 50-share index of the National Stock Exchange also slipped 254 points, to close at 11,250.

Market participants said the fall was “in sync” with global cues.

A stock broker told Sputnik that the profit booking happened in the last two hours of the trading, led by negative global cues. “Stocks lost strength as restrictions are being planned in UK and other nations on the back of rising infections,” the stock broker shared, requesting anonymity.

Major stocks that lost in trading included Reliance Industries and steel firms like Tata Steel and JSW Steel.