Fear of extended coronavirus lockdown pulls indices into red zone

Last week, the indices had rallied 13 per cent and were on the cusp of a bull market - a term used for a 20% rise from recent lows

The benchmark indices fell on Monday as investors fretted over the prospects of an extended lockdown and its impact on corporate earnings. The Sensex declined 470 points, or 1.5 per cent, to 30,690, while the Nifty fell 118 points, or 1.3 per cent, to end at 8,994.

Last week, the indices had rallied 13 per cent and were on the cusp of a bull market — a term used for a 20 per cent rise from recent lows. The gains were underpinned by strong buying by foreign portfolio investors (FPIs). However, they seem to have resumed their selling, with the