Indices in red; Sensex falls over 1,200 points

Nifty was trading below 14,600

Benchmark indices waved red flags with the Sensex tanking over 1,200 points on Monday as coronavirus cases crossed the 1-lakh mark and Maharashtra imposed stringent measures to curb the rise in Covid-19 cases.

At the time of filing this copy, Sensex was trading at 48,772.70 or 2.51%. Except Infosys, HCL Tech and TCS all stocks were trading in red.

Nifty was trading at 14,528.90, down 338.45 points or 2.28%.

A sharp spike in coronavirus cases in the country and resultant restrictions are likely to dent investors' sentiments in the near term, said Binod Modi, Head - Strategy at Reliance Securities told PTI.

"Imposition of weekend lockdown in Maharashtra, which contributes over 13 per cent of the country’s GDP and nearly 20 per cent of India's industrial output, does not augur well," he added.

Banking, financial stocks dragged both indices.