Mumbai: Equity benchmark Sensex plummeted 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 BSE Sensex was trading 2,015.48 points or 5.98 per cent lower at 31,702.14. Similarly the Nifty was trading 569 points or 5.77 per cent lower at 9,290.90 at 2:40 PM.
The 30-share index was trading 1,513.68 points or 4.49 per cent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 per cent, to 9,434.20 in the opening session.
Top Gainers and Losers
ICICI Bank was the top laggard in the Sensex pack, sinking over 8 per cent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank.
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 per cent stake in Jio Platforms.
Sun Pharma was the sole gainer in the BSE index.
Read more: After Facebook, Silver Lake invests Rs 5,656 crore in Jio Platforms
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.
Market 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 May 17.
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.
Global market
Besides, selloff in other Asian equities too spooked investors, traders said.
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.
Rupee plunges 71 paise to 75.80 against US dollar in early trade
The rupee depreciated 71 paise to 75.80 against the US dollar in opening trade on Monday tracking selloff in domestic equities and strengthening American currency overseas.
The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.
It had settled at 75.09 against the US dollar on Thursday.
Reliance Industries shares fall over 3% after Q4 earnings
Shares of Reliance Industries (RIL) fell over 3 per cent after the company posted its biggest drop in quarterly net profit.
The scrip of the company declined 3.22 per cent to Rs 1,419.75 on the BSE.
On the NSE, it fell 3.31 per cent to Rs 1,417.45.
The firm's net profit in January-March fell 37 per cent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending.
Auto stocks slump nearly 12% as lockdown-hit automakers score nil domestic sales in April
Auto stocks on Monday plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network.
Shares of Tata Motors tanked 12.45 per cent, Motherson Sumi Systems shares plummeted 12.27 per cent, Apollo Tyres 9.45 per cent, Hero MotoCorp 8.34 per cent, Maruti Suzuki India 8 per cent on the BSE.
Ashok Leyland tumbled 7.83 per cent, TVS Motor Company 7.16 per cent, Mahindra & Mahindra 6.95 per cent, Bajaj Auto 6.66 per cent and Eicher Motors 6.30 per cent.
The BSE Auto index fell by 6.33 per cent in early trade.
(PTI Report)
