Sensex Down Over 400 Points; Nifty Dips Below 11,000

(RTTNews) - Indian shares opened on a weak note Monday as a global surge of new coronavirus cases showed no sign of abating and investors tracked monthly sales data from automakers for signs of economic recovery.

The benchmark S&P BSE Sensex dropped 419 points, or 1.11 percent, to 37,187 in early trade, while the broader NSE Nifty index was down 95 points, or 0.86 percent, at 10,978.

IRB Infra rallied 2.2 percent after it received an award letter from NHAI for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1755 crore.

Tata Motors soared 5.6 percent despite the company reporting its second consecutive quarterly loss.

Mahindra & Mahindra was little changed as it reported a 33 percent year-on-year (YoY) decline in its domestic vehicle sales in July.

Lupin rose half a percent after recalling 35,928 bottles of a generic antibiotic drug in the U.S.

Bandhan Bank slumped 10 percent after 356 million equity shares changed hands on the counter in a block deal.

UPL lost 5.2 percent after unveiling its June quarter results.

TVS Motor Company gained 1.2 percent despite reporting a 10 percent decline in total sales at 2,52,744 units in July 2020.

Maruti Suzuki India rose about 1 percent after the country's largest carmaker by market share reported total sales of 1,00,000 vehicles in the domestic market last month.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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