Sensex tanks 550 points; Nifty 50 by 150 in the closing session

Equity benchmark Sensex plunged 552 points on Monday, dragged by heavy losses in financial stocks amid concerns over a second wave of coronavirus infections.

After sinking over 857 points during the session, the 30-share index settled 552.09 points, or 1.63 per cent, lower at 33,228.80.

Similarly, the NSE Nifty tumbled 159.20 points, or 1.60 per cent, to close at 9,813.70.

IndusInd Bank was the top laggard in the Sensex pack, tanking around 7 per cent, followed by Axis Bank, Bajaj Finance, ICICI Bank, NTPC, Tata Steel, ITC and HDFC Bank.

On the other hand, Reliance Industries, HCL Tech, Sun Pharma and ONGC were among the gainers.

Market traded on a negative note on subdued global cues on fears of a second wave of coronavirus cases, Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi said.

With signs that the deadly disease is coming back in China and the United States, investor optimism about economic recovery is beginning to fade, traders said.

The number of cases linked to the disease around the world has crossed 79 lakh and the death toll has topped 4.33 lakh.

In India, the number of infections rose to 3.32 lakh and the death toll rose to 9,520, according to the health ministry.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul tanked up to 4.76 per cent. Stock exchanges in Europe were also trading over 1 per cent lower.

International oil benchmark Brent crude futures fell 0.93 per cent to USD 38.37 per barrel.