Monday blues: Second Covid-19 wave stings indices as markets drop 1.8%

Benchmark indices drop 3% before settling 1.8% lower, amid Covid-19 surge, new restrictions

The worsening coronavirus crisis triggered yet another sell-off in the domestic stock market on Monday, with the benchmark indices dropping more than 3 per cent before recouping some of the losses.

A sharp jump in Covid-19 cases and fresh curbs to contain the spread of the virus have stoked concerns about the revival of the economy and corporate earnings, prompting some investors to pull back.

After dropping as much as 1,469 points, or 3 per cent, the Sensex settled 883 points, or 1.8 per cent, lower at 47,949, while the Nifty 50 index fell 258 points, or 1.8 per cent,