Sensex nosedives 1,097 points, Nifty below 14,500

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The Indian markets opened a gap-down start to the week amid fast-rising Covid-19 cases. India reported 1.72 lakh new infections on Monday. In opening trade, Sensex nosedived 1,097 points or 2.15% at 48,523 whereas Nifty50 was trading at 14,494 losing 339 or 2.29%.

Barring Infosys, all Sensex constituents were trading in the red. IndusInd Bank lost the most was down 7.83%, Bajaj Finance, SBI, Bajaj Auto and Axis Bank fell over 3%.

Sectorally, all indices were trading in the red with Nifty PSU Bank & Nifty Realty lost over 7%. Whereas, Nifty Metal, Nifty Bank, Nifty Auto slipped over 4%.

Market breadth was also weak as only 262 stocks advanced versus 1,479 shares declining and 494 scrips remained unchanged.

Bloodbath in the broader market was even worse as BSE  MidCap and BSE SmallCap indices tumbling 4.79% and 4.17%, respectively.

Earnings today: Tata Consultancy Services, HDIL, California Software, Cupid Trades & Finance and Lloyds Metals and Energy amongst others.

Stocks in spotlight: IT bellwether Tata Consultancy Services (TCS) is scheduled announce Q4 result today, 12 April 2021. Infosys said that the board of directors of the company will consider a proposal for buyback of fully paid-up equity shares on 14 April 2021.

Castrol India on Friday (9 April) announced that it has entered into an exclusive supply arrangement with ki Mobility Solutions in India. As part of the arrangement, Castrol India will supply lubricant products to ki Mobility’s multi-brand workshops in India.

Tata Communications and Bahrain Internet Exchange (BIX), its exclusive cable landing partner in Bahrain, extend their partnership to offer high speed internet connectivity with very low latency for a superior quality and seamless viewing, gaming and download experience for customers in Bahrain.

NATCO Pharma announced that its marketing and distribution partner Alvogen Pine Brook LLC, has received tentative approval for our Abbreviated New Drug Application (ANDA) for Ibrutinib Tablets 560mg, 420mg, 280mg and 140mg strengths (generic for IMBRUVICA), from the U.S. Food and Drug Administration (USFDA).

Sands Capital Management, a discretionary investment manager registered with the United States Securities and Exchange Commission, purchased 39.36 lakh equity shares, or 2.98% stake, of Jubilant Foodworks.

Balrampur Chini Mills said that credit ratings agency ICRA has reaffirmed the long and short-term credit ratings of the company as [ICRA] AA and [ICRA] A1+, respectively.

The board of directors of Solara Active Pharma Sciences on 9 April 2021 approved the amalgamation of Aurore Life Sciences, Empyrean Lifesciences and Hydra Active Pharma Sciences with the company.

Global markets: Overseas, Asian stocks are trading mixed on Monday trade after the Dow Jones Industrial Average and S&P 500 notched record closing highs on Friday.

In the U.S., the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout.

On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That’s the highest level since September 2011.