Extending opening losses, Indian benchmark indices fell sharply in early trade on Monday as rising COVID-19 cases and increased restrictions spooked investors’ sentiments. The BSE Sensex was trading 1,368 points, or 2.73 per cent lower at 48,661, while the NSE Nifty 50 was quoting at 14,529, down 337 points or 2.27 per cent. IndusInd Bank, Bajaj Finance, Bajaj Auto, State Bank of India, Axis Bank were among top losers, falling between 2-3 per cent. On the other hand, Infosys, HCL Technologies, Tata Consultancy Services were only gainers on BSE Sensex pack.
On the sectoral front, all the indices slipped in red, barring IT and Teck stocks, while rate sensitive bank and realty stocks were top losers, falling over 3 per cent. The Reserve Bank of India (RBI) policy announcement and earnings season will set tone for the market. The RBI’s Monetary Policy Committee (MPC), which decides on key interest rates, will meet from April 5 to 7, while the six-member panel will announce policy on April 7.