Sensex tanks 1,700 points, banking, finance stocks plunge amid rising COVID-19 cases

Mumbai: The Indian stock market slumped on Monday with the BSE Sensex falling over 1,700 points amid rising cases of Covid-19 and localized lockdowns.

India reported 1,68,912 new Covid-19 cases in the last 24 hours, as per health ministry data. With this, India has once again taken its spot as the second-worst hit nation in terms of infections after the US.

Along with the surging Covid cases, the subdued trend in the Asian markets also weighed on the Indian indices.

Around 12.10 p.m., Sensex was trading at 47,834.84, lower by 1,756.48 points or 3.54 percent from its previous close of 49,591.32.

It opened at 48,956.65 and has so far recorded an intra-day high of 48,956.65 and a low of 47,813.60 points.

The Nifty50 on the National Stock Exchange was trading at 14,304.00, lower by 530.85 points or 3.58 percent from its previous close.

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