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Covid-19 spike: Sensex plummets 870 points

Covid-19 spike: Sensex plummets 870 points

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Mumbai: A countrywide panic triggered by an unprecedented jump in the Covid-19 positive cases in the country, nearly half of them in Maharashtra alone that forced the western state into lockdown-like restrictions, spooked investors on Monday, as market indicator Sensex fell by over 1,400 points in the morning session, closing at 870 points.

Besides, a weak Purchasing Managers’ Index (PMI) manufacturing print for March added to the market’s woes,  causing concerns about the pace and strength of the ongoing economic recovery, media reported.

Growth in manufacturing activities slowed to the lowest rate in seven months as increasing pandemic cases hit demand. The PMI fell from 57.5 in February to 55.4 in March.

On the other hand, the frontline S&P BSE Sensex dropped 1,449 points in the intra-day deals to hit a low of 48,581 amid heavy selling in banking, financial services, and realty counters.

However, a sharp rally in the IT ahead of the March quarter results (Q4FY21) gave investors some solace and the index ended 870.5 points, or 1.74 percent, down at 49,159 levels.

On the NSE, the Nifty50 index recovered 179 points from the day’s low of 14,459, and settled at 14,638 levels, down 229 points or 1.5 percent.



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