Sensex, Nifty Crash For Second Straight Session On Rising Covid-19 Cases

The markets witnessed heightened volatility as futures and option contracts for the month of March expired.

Indian equity benchmarks dropped for second session in a row on Thursday as rising Covid-19 cases across the country sparked fears of fresh lockdowns which may impact the economic recovery, analysts said. The Sensex fell as much as 944 points and Nifty 50 index dropped below its important psychological level of 14,300. Selling pressure was so intense that all the 26 constituents in the Sensex and 45 Nifty 50 stocks ended with a negative bias. The Sensex ended 740 points or 1.51 per cent lower at 48,440 and Nifty 50 index dropped 225 points or 1.54 per cent to end at 14,325. India's daily COVID-19 cases hit a five-month high on Thursday and the country put a temporary hold on all major exports of the AstraZeneca coronavirus shot made by the Serum Institute of India to meet domestic demand.