NEW DELHI: equity indices plunge with the benchmark on Monday BSE sensex fall of more than 950 points, driven by banking and financial stocks.
At 1:10 pm, the 30-stock BSE index was trading 984 points or 1.94% lower at 49,808; while the larger NSE Nifty traded 279 points or 1.85 percent lower at 14,752.
Axis Bank, Bajaj Finserv, Bajaj Finance, ICICI Bank, SBI and IndusInd Bank were the main losers of the sensex pack, with a fall of 4.15%.
On the NSE platform, the Nifty Media, Bank, PSU Bank and Private Bank sub-indices fell to 2.91%.
Bank stocks plunged amid reports that operations across the country could be affected as the United Forum of Bank Unions (UFBU) called for a two-day nationwide strike.
The strike was called to protest against the privatization plan of two public lenders.
Services such as branch deposits and withdrawals, check clearance and loan approvals could be affected as a result of the strike.
In addition, a combination of rising Covid-19 cases, a surge in core inflation and a drop in industrial production have also weighed on market sentiment.
India reported the largest daily increase of 26,291 cases this year on Monday. India is the third most affected country in the world with 11.39 million cases, behind the United States and Brazil.
Meanwhile, broader global markets were trading higher, with investors betting on a faster economic recovery after a $ 1.9 trillion U.S. stimulus bill was signed last week.
(With contributions from agencies)