Market Benchmark Index Sensex continued to be in the bear phase as it ended1375.27 or -4.61% lower at 28,440.32 during the closing session on Monday. Likewise, Broader Nifty 50 was at 8,281.10 down by -379.15 points or -4.38% in the closing session.
On Monday afternoon, bear run continued in the Indian stock markets on with the BSE Sensex falling over 1,000 points.
The Nifty50 on the National Stock Exchange also plunged over 260 points to trade below the 8,400 mark.
The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession.
According to traders, investors across the globe are jittery over the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns.
The decline was in line with the global sell-off, as Asian indices fell on the growing number of coronavirus cases worldwide.
At 1.10 p.m., Sensex was trading at 28,792.18, lower by 1,023.41 points or 3.43 per cent from the previous close of 29,815.59
It had opened at 29,226.55 and so far has touched an intra-day high of 29,497.57 and a low of 28,708.83 points
Nifty was trading at 8,396.55, lower by 263.70 points or 3.04 per cent from its previous close.
Although it has been a sell-off across all sectors, banking, financial and auto stocks witnessed heavy selling pressure.
On the Sensex, Bajaj Finance, HDFC, Mahindra & Mahindra, Tata Steel and Maruti Suzuki lost the most while Tech Mahindra, Hindustan Unilever, Nestle India, TCS and Asian Paints were the only gainers.