Massive Sell-Off on Indian Stock Markets; Sensex Falls Over 1,000 Points, Nifty Holds at 14,700

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India’s benchmark equity indices today extended their losing run due to the rise of the COVID cases in the country. Information technology stocks, the automotive industry, and public sector banks took hits.

The Bombay Stock Exchange’s Sensex slipped over 900 points on Monday and the National Stock Exchange’s Nifty plunged below 14,800 in trading. Except for metals, all the sectoral indices were deep in the red. Auto giant Mahindra and Mahindra, Axis Bank, and construction engineering firm Larsen and Toubro were among the major losers.

The reason for the plunge on the markets are concerns over rising COVID cases in India. These COVID concerns have impacted foreign portfolio investors flow into the market, which appears to be slowing down.

The Indian state of Maharashtra has announced a fresh set of restrictions in the state to check the spread of the contagious virus.

Another factor causing markets to tank is rising inflation.

Lacklustre global cues are also weighing heavily on investor sentiments in India.

Sourse: sputniknews.com

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