Sensex Tumbles 1,300 Points; IndusInd Bank, Axis Bank & ICICI Bank Fall Over 5%

Asian stock markets are trading on a positive note today, helped by expectations monetary policy will remain accommodative while COVID-19 vaccine rollouts helped ease fears of another dangerous wave of coronavirus infections.

The Nikkei is trading up by 0.3% while the Hang Seng is up 0.7%. The Shanghai Composite is trading higher by 1.3%.

In US stock markets, Wall Street indices jumped on Friday as technology companies helped lift stocks to a record high.

Stocks edged higher most of the last week as investors remain cautiously optimistic about economic growth and progress against the pandemic.

The Dow Jones Industrial Average gained 297 points, or 0.9% to 33,801. Meanwhile, the Nasdaq rose 71 points or 0.5%. For the week, the Dow gained 2% while the Nasdaq rose 3.1%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Benchmark indices fell over 2% in early trade as India continued to report a record spike in COVID cases. India recorded over 2.75 lakh new COVID cases in last 24 hours, as per Worldometer.

Market participants will track Macrotech Developers share price as the shares will list on the bourses today. The IPO that ran between April 7-9 was subscribed 1.36 times.

ACC, ICICI Prudential Life Insurance Company, Bajaj Consumer Care and CRISIL will release their quarterly earnings today.

The BSE Sensex is trading down by 1,340 points. Meanwhile, the NSE Nifty is trading lower by 378 points.

IndusInd Bank is among the top gainers today. Wipro, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 3.4%. The BSE Small Cap index is trading lower by 3.2%.

All sectoral indices are trading deep in the red with stocks in the automobile sector, banking sector and finance sector witnessing most of the selling pressure.

Shares of Linde India hit their 52-week high today.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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