The Sensex and the Nifty fell sharply in trade, following an extremely weak handover from the US markets, which collapsed over worries of a second wave of Covid 19 infections.
The Dow Jones closed a staggering 7 per cent lower, in which a mammoth 1,800 points was lost. The S&P 500 fell nearly 6 per cent, with markets seeing their worst fall since March, 2020. Global markets fell largely on the back of a surge in infections in some states in the US, raising worries of a fresh round of Covid 19 infections.
The Sensex dropped another 2.7 per cent or nearly 900 points, while the Nifty slid 270 points in trade. This follows a near 2 per cent cut on the benchmark indices seen on Wednesday. Banking stocks fell sharply in trade with the Bank Nifty plunging a huge 4 per cent in trade. All of the banking names fell, including the likes of HDFC Bank and ICICI Bank. State Bank of India, which fell 4 per cent on Thursday, lost another 4 per cent on Friday.
Top losers from the Nifty were IndusInd Bank, Zee Entertainment , Tata Motors and ONGC. Meanwhile, most Asian markets were trading with losses, with the South Korean Kospi seeing the biggest losses of nearly 3 per cent.