After subdued opening on weak global cues, Indian indices plunged sharply in noon trade, with the Sensex ending the day with losses to the tune of 3% or 1406 points at 45553.96, while Nifty closed at 13,328, down 3.14% or 432 points. The markets lost Rs 7 lakh crores in Market Capitalization.
Primarily, rising coronavirus infections as reported in the UK and South Korea weighed on investor sentiment. Also, there was seen no progess in Brexit negotiation which dampened the morale.
There was a sea of red across indices led by PSU Banks, metal and energy pack. Broader markets underperformed the headline indices with loss to the extent of over 4% on Nifty Midcap 100. On free fall in the indices today, India VIX also jumped by 19%.
ONGC, Tata Motors, GAIL, IndusInd Bank and Hindalco led the list of losers in trade today.
Aviation stocks too were under pressure on the UK border closure. Spicejet and Interglobe Aviation tanked.
GMR Infrastructure today said it has obtained stock exchanges nod, with no adverse observations, for its proposed restructuring that involves demerger of its non-airport vertical business.
Antony Waste IPO on the first bidding day supported by retail investors has been subscribed 1.08 times.
At the time of writing this copy, European markets too traded with deep cuts of over 2 percent on both German DAX and French CAC.
Oil prices also cracked by a huge 3% as fast-spreading new Covid 19 strain in the UK once again surfaced worries concerning slower recovery in fuel demand.