Sensex, Nifty slide as Covid surge spooks investors

The NSE Nifty 50 index ended 1.54% lower at 14,637.80, while the S&P BSE Sensex was down 1.74% at 49,159.32. Financial stocks led the decline. Private-sector lenders HDFC Bank, HDFC, and ICICI Bank were the biggest drags on the Nifty 50, falling between 2.5% and 3.8%.

Indian shares closed lower on Monday as a record surge in daily coronavirus cases spurred fresh restrictions in Mumbai and other regions, sparking worries about the pace of the country's economic recovery. Total cases of COVID-19 in India jumped by more than 100,000 to surpass 12.5 million on Monday. Maharashtra, home to the financial capital of Mumbai, imposed stringent curbs including a complete lockdown on weekends. The NSE Nifty 50 index ended 1.54% lower at 14,637.80, while the S&P BSE Sensex was down 1.74% at 49,159.32.