The Sensex rose 1,708 points amid heavy selling; Nifty goes below 14,350

The equity benchmark Sensex on Monday recorded a fall of 1,708 points, bouncing off COVID-19 cases nationwide.

The 30-share BSE index rose 1,707.94 points or 3.44% to end at 47,883.38.

Similarly, the NSE Nifty fell 524.05 points or 3.53% to close at 14,310.80.

IndusInd Bank was over 8% in the Sensex pack, followed by Bajaj Finance, SBI, ONGC, Titan, M&M, Bajaj Finserv, ICICI Bank and Axis Bank. Dr. Reddy was the only beneficiary, climbing over 4%.

Binod Modi, head of strategy at Reliance Securities, said, “Domestic equities reminded the March 2020 bloodshed as a record increase in COVID-19 cases in the country and the possibility of lockdown in many states.”

He said that due to economic upsurge and possible reversal of income improvement, there was a reduction in the risk of investors and heavy selling resulted in a drop of about ₹ 9 lakh crore in the wealth of the investors.

Elsewhere in Asia, nutrition was in red in Shanghai, Hong Kong and Tokyo, while Sol ended up with mild gains.

Stock exchanges in Europe were largely traded on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading up 0.57% at $ 63.31 a barrel.