Sensex cracks by 871 points on COVID worries, banking and financials hit

Equity benchmark indices fell sharply on Monday as a record jump in Covid-19 cases led to lockdown-like restrictions in economically important state of Maharashtra.

That spooked investors sentiment as these restrictions can impact growth recovery.

A weak PMI manufacturing print for March also elevated concerns on the growth front.

The BSE SandP Sensex closed 871 points or 1.74 per cent lower at 49,159 while the Nifty 50 edged lower by 230 points or 1.54 per cent to 14,638.

Except for Nifty IT which jumped by 1.9 per cent and metal which gained marginally, all other sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 4.1 per cent, private bank by 3.4 per cent, financial service by 3.2 per cent each auto by 2.6 per cent.

Among stocks, IndusInd Bank lost by 5.7 per cent to Rs 938.25 per share while Axis Bank was down by 3.6 per cent and ICICI Bank by 3.7 per cent.

State Bank of India fell by 4.5 per cent.