Sensex Plunges 667 Points; Nifty Dips Below 10,900

(RTTNews) - Indian shares fell sharply on Monday to extend recent losses, with mixed global cues, foreign fund outflows and rising Covid-19 cases in the country weighing on sentiment.

Coronavirus cases continued to surge in the United States and stood at almost 18 million globally, while the infection count in India crossed 18 lakh.

The benchmark S&P BSE Sensex slumped 667.29 points, or 1.77 percent, to 36,939.60, extending its losing streak for the fourth consecutive session. The broader NSE Nifty index ended down 173.60 points, or 1.57 percent, at 10,899.85.

ONGC, Kotak Mahindra Bank, HDFC Life, IndusInd Bank and UPL lost 3-5 percent, while Tata Motors soared nearly 7 percent despite reporting a higher consolidated net loss of Rs 8,437.99 crore in the quarter ended June.

Titan Company shares rallied 3.6 percent while BPCL, Eicher Motors and Tata Steel rose 1-2 percent.

Bank of India jumped 3.2 percent after the state-owned bank reported over three-fold rise in net profit for the quarter ended June 30.

Bandhan Bank slumped 10.5 percent after 356 million equity shares changed hands on the counter in a block deal.

Globally, other Asian markets ended mixed as upbeat factory activity data was offset by lingering worries about the relentless surge in coronavirus cases across the world and rising U.S.-China tensions.

European stocks were mostly higher in early trade as upbeat manufacturing data from the euro zone and the U.K. added to investor optimism about economic recovery.

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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