Markets open deep in red, Sensex falls over 1400 points

New Delhi: Stock markets opened deep in the red on Monday in tandem with global markets. The BSE Sensex fell over 1400 points in opening while the NSE Nifty slipped below 9,450.

At 9.30 am the BSE Sensex was trading 1456.09 points or 4.32 percent lower at 32,261.53 while the NSE Nifty plunged 414.40 points or 4.20 percent at 9,445.50.

All the stocks in the Sensex pack except Sun Pharma (gaining 1.71 percent) were trading in red. Major losers in the Sensex pack were Major losers in the Sensex pack were Tata steel, ICICI Bnk, IndusInd Bank, Bajaj Finance, HDFC, Tech Mahindra, HDFC Bank, ONGC, Mahindra and Mahindra, Axis Bank, Maruti and Titan, falling upto 8.36 percent. 

Foreign portfolio investors purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data.

The rupee meanwhile depreciated 71 paise to 75.80 against the US dollar in opening trade on Monday tracking selloff in domestic equities and strengthening American currency overseas.

Markets remained upbeat last week, posting rally throughout the week on hopes  that the lockdown, announced by the government to fight the COVID-19 pandemic will be over on May 3. However, The government on Friday extended the nationwide lockdown till May 17.

The Sensex surged 997 points while the Nifty reclaimed the 9,850-level on Thursday as short-covering on expiry of F&O contracts. Markets were closed on account of Labour Day on Friday.