New Delhi: Equity benchmark Sensex plummeted over 1,400 points in early trade today, tracking losses in index-heavyweights HDFC twins, ICICI Bank and Reliance Industries as spiking Covid-19 cases in the country spooked investors amid negative cues from global markets.
The Sensex dropped as much as 1,479 points or 2.98 per cent to hit an intraday low of 48,112.17 and Nifty 50 index tumbled below its important psychological level of 14,400 at the day’s lowest level. All but two shares in the Nifty 50 basket were trading with a negative bias.
Market players say a major reason for stock prices crashing is the steep rise in the number of Covid-19 cases in the country.
Given the headlines about vaccine shortage in many parts of the country, there are concerns that governments in many States may be forced to consider stringent restrictions, which in turn could hurt economic activity.