It was not a great start to the week for the markets, with the Sensex and the Nifty both trading lower, after weak cues from across Asia and a plunge in the Dow Futures.
Stocks in Asia were lower as investors sentiments were impacted by the recent spikes in Covid-19 cases in China . Dow Futures pointed to a whopping loss of 700 points, as a second wave of Coronavirus gripped markets, with select states in US seeing a sharp rise in Coronavirus cases..
The Sensex was down 750 points, while the Nifty was lower by 217 points at 9755 points.
Shares in Reliance Industries was lower even after two more investors TPG and L Catterton together would invest Rs 6,441 crore in Jio Platforms. The stock was down 0.75 per cent in trade at Rs 1576.
Shares in Tata Motors was trading down, ahead of its results to be declared later today. BHEL, saw its stock decline 6 per cent, after the government run company reported a consolidated net loss of Rs 1,532.18 crore for the March quarter compared with a profit of Rs 680.77 crore in the corresponding quarter of last year.
Banking stocks were seeing sharp corrections with indusInd Bank, Axis Bank and ICICI Bank among the top 5 losers on the Nifty.
Hindalco saw its shares rise 1 per cent at Rs 147.75 after the company posted a 43.2 per cent decline in consolidated profit to Rs 668 crore.
Meanwhile, most Asian markets were trading lower led by the Japanese Nikkei and the Hong Kong's Hang Sang.