Sensex tumbles as Covid-19 spreads its wings in India

The key benchmark index-Sensex tumbled more than 200 points to close at 38,409.48, down by 0.55 per cent on Wednesday. 

Indian markets tumbled taking cues from the fresh development of the spread of Covid-19. New cases have been detected in various parts of India, raising alarm across the nation, thereby, impacting the market sentiments. Globally, Covid-19 has now hit 81 nations. 

Sensex topped in today's trade at 38,791 and made a bottom at 37,846 levels thus, dropping by almost 945 points on intra-day basis. The markets recovered off lows to close down by 241 points after European markets opened in green. 

IT stocks were seen trading in green and BSE Tech was the only sectoral index to close in green. The other indices that managed to close in green were BSE Momentum Index and BSE Quality Index. 

Sensex stocks that sizzled in today's trade were Sun Pharma, Tech Mahindra, M&M, Asian Paints and TCS which gained 3.14 per cent 2.45 per cent, 2.24 per cent, 2.18 per cent and 2.17 per cent, respectively.

Meanwhile, Sensex stocks that dragged the markets down were - IndusInd Bank, Bajaj Finance, Tata Steel, ITC and SBI which were down by 4.27 per cent, 4.19 per cent, 3.72 per cent, 3.59 per cent and 3.52 per cent, respectively. 

The broader markets underperformed with BSE Mid-cap and BSE Small-cap both sliding by as much as 1.61 per cent.