Worst day ever for markets; Sensex nosedives 3,935 points

Axis Bank was the top loser in the Sensex pack, tanking over 28 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank, Maruti and L&T.
NSE Nifty nosedived 1,135.20 points or 12.98 per cent to settle at 7,610.25.

In its worst-ever crash, the BSE Sensex plummeted 3,934.72 points or 13. 15 per cent to 25,981.24 on Monday after several Indian states announced lockdown following a spurt in the number of coronavirus cases.

Likewise, the NSE Nifty nosedived 1,135.20 points or 12.98 per cent to settle at 7,610.25.

In the first hour of Monday's trade, benchmark indices cracked over 10 per cent, triggering a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession.

Equities spiralled further lower after trading resumed around 1100 hours.

Global stocks too roiled after nations across the world announced lockdowns in an effort to mitigate the spread of Covid-19 pandemic, spiking fears of a mammoth global recession.

The rupee plummeted 90 paise against the US dollar to 76.10 during the day.

Axis Bank was the top loser in the Sensex pack, tanking over 28 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank, Maruti and L&T.

Indian benchmark indices followed the carnage in global equities as sentiments dampened further after global governments announced extensive lockdowns to curb the spread of Covid-19, traders said.

Stock exchanges in China, Hong Kong and South Korea plunged up to 5 per cent, while those in Japan ended on a positive note.

Meanwhile, Brent crude oil futures dropped 5.30 per cent to $25.55 per barrel.

The number of global Covid-19 infections has shot past 300,000.

Worldwide fatalities topped 14,000.

Cases in India spiked to 415, according to health ministry log.

Photograph: Danish Siddiqui/Reuters