Sensex tanks 1,068 points, banking stocks major drag

The BSE Sensex tanked 1068.75 points or 3.44 percent to 30,028.98. On the other hand, the NSE Nifty declined 303.75 points or 3.32 percent to 8,833.10.

Sensex tanks 1,068 points, banking stocks major drag

New Delhi: Equity benchmark Sensex plunged over 1,000 points at closing on Monday dragged by losses in banking stocks.

The BSE Sensex tanked 1068.75 points or 3.44 percent to 30,028.98. On the other hand, the NSE Nifty declined 303.75 points or 3.32 percent to 8,833.10.

Other than Infosys and TCS, all the other stocks in the BSE Composite index ended in red. Major laggards were IndusInd Bank, Ultrachem, ICICI Bank, HDFC, Axis Bank, Maruti, Bajaj Auto, Bajaj Finance, SBI, Heromotocorp, L&T and HDFC Bank, falling upto 10.02 percent.

In the previous session, the BSE barometer settled 25.16 points or 0.08 per cent lower at 31,097.73, and the broader Nifty slipped 5.90 points, or 0.06 per cent, to close at 9,136.85.

Foreign portfolio investors offloaded equities worth Rs 2,388.04 crore in the capital market on Friday, provisional exchange data showed.

Analysts believe that the Rs 20 lakh crore Atmanirbhar Bharat package is yet to provide the impetus to markets.

In the last set of measures, Finance Minister Nirmala Sitharaman on Sunday announced plans to privatise PSUs in non-strategic sectors and suspend loan default-triggered bankruptcy filings for one year, and also gave a Rs 40,000-crore hike in allocation for the rural employment guarantee scheme to provide jobs to migrant workers.

Further, the government last night extended the lockdown for two more weeks with the fourth phase providing more relaxations outside the containment zones.