The benchmark indices slipped more than 2 per cent in early trading on the back of a colossal jump in Civid cases, as the country crossed the 1 lakh mark in daily Covid-19 cases for the first time ever. India reported 1,03,558 new Covid-19 cases in the last 24 hours, according to the Union Health Ministry. At 10:20 am, the BSE Sensex was at 48,825.11, lower by 1,183.25 points or 2.3 per cent and the NSE Nifty was at 14,552.55, down 320.05 points or 2.13 per cent.
The broader markets also fell in tandem with the largecap indices, with the BSE Midcap index and BSE Smallcap index losing 2 per cent each in early trading.
MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, with China closed for Tomb-Sweeping day and Australia on Easter Monday.
The S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy. The Dow Jones rose 0.52 per cent, while the S&P 500 gained 1.18 per cent and Nasdaq Composite climbed 1.76 per cent.
Meanwhile, oil prices edged lower in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July. Brent crude futures for June fell 16 cents or 0.2 per cent to $64.70 a barrel by 2351 GMT.
Financial stocks are trading weak in today’s session; IndusInd Bank, Bajaj Finance, Axis Bank, SBI and ICICI Bank are the top losers on the BSE, weakening by 2.1 per cent to 3.2 per cent each on the BSE. Bajaj Finserv, HDFC, Bajaj Auto and HDFC Bank are the other significant losers among the BSE stocks.
On the other hand, IT stocks are bucking the weak trend. Infosys, Wipro and HCL Tech have shed around 2 per cent each on the BSE.
The BSE market breadth is weak. Out of 2,283 stocks traded on the BSE, there are 903 advancing stocks as against 1,219 declines.