Monday Mayhem for market as Sensex plunges by 1,400 points; Nifty slips to 13,328 amid concerns over new COVID strain
New Delhi | Jagran Business Desk: The Indian stock market had a tough day on Monday after equity benchmark indices Sensex plunged by 1,406.73 points to end at 45,553.96 while the Nifty fell by 432.15 points to close at 13,328.40 amid concerns over a new strain of the coronavirus leading to fresh restrictions in European countries.
All sectoral indices in the red with Nifty PSU bank private bank dipping by 4 per cent and 2.2 per cent respectively. The aviation stocks were also under pressure because of the new strain of COVID-19 infection in the United Kingdom (UK) with SpiceJet falling by 9.5 per cent to Rs 91.90 per share.
The other prominent losers were NTPC, Reliance Industries, Mahindra & Mahindra, Hindalco, IndusInd Bank and State Bank of India.
Stock experts have said that the new strain of coronavirus, rise in COVID-19 cases in the US and restrictions in Europe is the reason behind Monday's bloodbath.
"The apprehension is coming from the prolonged lockdown in the UK and the concerns related to the new variant of the virus," Livemint quoted Sanjay Sinha, strategist at Citrus Advisors, as saying.
Several European countries, including France, Germany, the Netherlands, Belgium, Austria and Italy, have banned flights from the UK with the British government warning that the potent new strain of the virus was "out of control". The UK has imposed a stringent new stay-at-home lockdown from Sunday in London and other regions.
India too has suspended all flights from the UK between December 23-31.
Stock exchanges in Paris, Frankfurt and London were trading up to 2.50 per lower in early deals. Elsewhere in Asia, bourses in Hong Kong and Tokyo ended in the red, while Shanghai and Seoul settled with mild gains. Global oil benchmark Brent crude futures plummetted 5.30 per cent to USD 49.49 per barrel.
(With agency inputs)
Posted By: Aalok Sensharma