New Delhi: The continuous rise in COVID-19 cases across India is now visibly impacting the stock market. A significant downturn was observed as soon as the market opened on Tuesday. The Bombay Stock Exchange (BSE)'s benchmark Sensex fell by over 800 points, while the National Stock Exchange (NSE)'s Nifty index also slipped by more than 200 points.
Significant Dip in Sensex and Nifty
On Tuesday, the Sensex opened weakly at 82,038.20, compared to its previous closing level of 82,176.45, and within minutes, it plummeted by over 800 points to trade at 81,303. Similarly, the Nifty also began trading at 24,956.65 against 25,001.15, but soon dropped by over 200 points, trading at 24,769.
Experts believe that the increase in COVID-19 cases across the country has created uncertainty among investors, leading to selling pressure in the market.
Significant Decline in These Major Stocks
During the initial trading hours, several large-cap, mid-cap, and small-cap stocks witnessed a decline. In the large-cap category, Tata Motors fell by 1.50%, NTPC by 1.54%, Mahindra & Mahindra by 1.40%, and TCS by 1.20%.
Among mid-cap stocks, FirstCry dropped by 4%, GICRE slipped by 2.70%, and Emcure Pharma saw a 2.40% decline. In the small-cap segment, RateGain fell by 7.40%, Sagility by 5%, and Infobean by 4.90%.
Market Volatility Expected to Continue
Analysts suggest that market volatility may persist due to the rising COVID-19 cases in the country and global uncertainties. Investors are advised to monitor the market situation closely and avoid making hasty investment decisions.
