NEW DELHI: Stock indices plummeted Monday as benchmark BSE Sensex falling above 800 points, dragged down by banking and financial stocks.
As of 1:10 p.m., the 30-share BSE index was trading 814 points or 1.6 percent lower at 49,978; while the broader NSE Nifty it was trading 220 points or 1.47 percent lower at 14,810.
Axis Bank, Bajaj Finserv, Bajaj Finance, ICICI Bank, SBI and IndusInd Bank were the main losers in the sensex package falling as much as 3.23 percent.
On the NSE platform, the Nifty Media, Bank, PSU Bank and Private Bank sub-indices fell as much as 2.28%.
Banking stocks tumbled amid reports that operations across the country could be affected as the United Forum of Banking Unions (UFBU) called a two-day nationwide strike.
The strike has been called to protest against the proposed privatization of two state moneylenders.
Services such as branch deposits and withdrawals, check settlement and loan approvals could be affected due to the strike.
Additionally, a combination of rising Covid-19 cases, a jump in core inflation, and a drop in industrial production also weighed on market sentiment.
India on Monday reported the largest daily increase this year at 26,291 cases. India is the third most affected country in the world with 11.39 million cases, behind the United States and Brazil.
Meanwhile, global markets generally were trading higher as investors bet on a faster economic recovery after the signing of a $ 1.9 trillion US stimulus bill last week.
(With inputs from agencies)
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