Categories: Economy

Lockdown panic triggers sell-off; Sensex down

<p>
Rising Covid cases as well as reimposition of movement restrictions across states dented India's stock markets on Monday.</p>
<p>
Accordingly, the new cases count has crossed 1.5 lakhs for the first time on April 11. This spooked investors and led the S&P BSE Sensex and NSE Nifty50 to crash by over 3.5 per cent each.</p>
<p>
Around 1.55 p.m., Sensex traded at 47,842.31, lower by 1,749.01 points or 3.54 per cent from its previous close of 49,591.32.</p>
<p>
The Nifty50 on the National Stock Exchange traded at 14,313.90, lower by 520.95 points or 3.51 per cent from its previous close.</p>
<p>
"Taking cues from SGX Nifty, our market started the week on a negative note. Nifty opened gap down and continued its downward momentum," said Jay Purohit, Technical & Derivatives Analyst, Motilal Oswal Financial Services.</p>
<p>
"Selling pressure is quite severe as Nifty fell by more than 500 points and touched 14,283 levels."</p>
<p>
According to Gaurav Garg, Head of Research at CapitalVia Global Research: "The response from various state governments have been to impose lockdowns which has created a panic in the market and we are seeing sell off across the sectors."</p>
<p>
"All the support levels have been breached and the mood of the markets seems very bearish. Investors are advised to exercise caution while creating any fresh positions. The volatility is expected to remain in the market because of the underlying uncertainty."</p>
<p>
 </p>
<p>
 </p>
<p>
 </p>

IANS

Recent Posts

Donald Trump sparks controversy with territorial claims over Greenland, Panama Canal and Canada

US President-elect Donald Trump in a series of social media posts has stirred controversy by…

53 minutes ago

Architect of India’s transition into the 21st century: PM Modi hails Atal Bihari Vajpayee on his 100th birth anniversary

Prime Minister Narendra Modi, on the 100th birth anniversary of former Prime Minister Atal Bihari…

2 hours ago

Gender budgeting share in total expenditure rises to 6.8% from 4.5% in 2014, up 18.9% in FY25 (YoY): RBI

India has completed 20 years of implementing gender budgeting policies, with the share of the…

3 hours ago

Outdated infrastructure and transformer failures worsen electricity shortages in PoGB

The region of Pakistan-occupied Gilgit-Baltistan (PoGB) is enduring an escalating electricity crisis that continues to…

17 hours ago

Uyghur educational activist dies in custody of Chinese authorities

An Uyghur intellectual and education advocate, who was detained the night before his daughter's wedding…

20 hours ago

Create data-rich platform to benefit investigation officers: Amit Shah to NCRB

Union Home Minister Amit Shah has instructed the National Crime Records Bureau (NCRB) to develop…

20 hours ago