Sensex tanks of more than 1,700 points; Ingenious below 9,400

NEW DELHI: Equity indices fell on Monday against benchmark BSE sensex dropping more than 1,700 points amid falling metals and bank stocks. Sensex dived 1,724 points, or 5.11 percent, at 31,994; while the broader moved 498 points or 5.05 percent lower to 9,362.

The main laggards in the BSE package included Tata Steel, Bajaj Finance, ICICI Bank, IndusInd Bank, Tech Mahindra and HDFC Bank with their shares falling as much as 7.94 percent.

On NSE, with the exception of Nifty Pharma, all sub-indices were trading in red with Nifty Bank and Metal falling as low as 6.76 percent.

Market analysts have said the trade will be largely driven by the announcement of corporate earnings, the Covid-19 trend and global signals this week.

The government on Friday extended the national blockade until May 17.

Commenting on the measure, Vinod Nair, head of research at Geojit Financial Services, said: It is not a big surprise to the market as it expected a phased reopening of the economy, which is mostly in line with the latest protocol. . But, more than that, the market has become aware of concern, according to the latest economic and corporate data, that the cascading effect on the national economy and corporate earnings is far more than anticipated.

On the global front, Asian markets suffered heavy losses, following a sell-off in New York after Donald Trump raised fears of a new trade war with China for his role in the coronavirus pandemic.

Trump suggested he could apply new tariffs to China for his handling of the virus outbreak, claiming he had seen evidence linking a Wuhan lab to the spread.

(With contributions from the agency)