Bihar elections, rising Covid cases: Here's why Sensex tanked 600 pts today

After logging decent gains in the previous session when the benchmark indices gained nearly 1 per cent, the S&P BSE Sensex tumbled 600 points, or around 1.5 per cent, to 39,922 levels while NSE's Nifty 50 index ended the session at 11,730 levels, down 160 points, or 1.34 per cent.

Selling was witnessed across-the-board with financial stocks taking the biggest knock. The gauge for volatility, India VIX, rose nearly 5 per cent to 23.2 levels.

"Going ahead, market is likely to remain in a tight range, taking cues from the ongoing result season, development around US elections and covid cases globally.