Benchmark indices closed deep in the negative at the end of today’s trading. Sensex was 871 points, or 1.74 percent, down at 49,180.31 while Nifty was at 14,549.40, down 265 points or 1.79 percent.
Reliance Industries and Banking stocks were among the major contributors to today’s fall. Asian Paints and Power Grid corporation were the only ones with any gains on the Sensex.
Bank Nifty was down 2.6% on closing, moving below 33,300 levels for the first time since the Union Budget. Among sectoral indices, only Nifty Pharma ended with gains on Wedneday. India VIX, the volatility gauge surged a massive 8% today to end above 22 levels.
Concern over rising COVID-19 cases in the country seems to be weighing on sentiment leading benchmarks Sensex and Nifty to shed nearly two percent each in intraday trade on March 24.
Barring Nifty Pharma, which ended 0.08 percent up, all sectoral indices suffered losses. Nifty Metal and PSU Bank indices fell over 3 percent each while Bank, Auto, Media and Financial Services fell over 2 percent each.