The key Indian equity indices fell on Monday morning with heavy selling in banking, finance and auto stocks. The night curfew and weekend lockdown announced in Maharashtra amid the rising number of Covid cases has weighed on the investor sentiments, analysts said.
Around 10.15 a.m., Sensex was trading at 48,709.84, lower by 1,319.99 points or 2.64 per cent from its previous close. The Nifty50 on the National Stock Exchange was trading at 14,529.95, lower by 337.40 or 2.27 per cent from its previous close.
The losers on the Sensex were IndusInd Bank, Bajaj Finance and Bajaj Finserv, while the only gainers were Infosys HCL Technologies and TCS.
PVR, Inox Leisure shares fall as Maha govt shuts cinemas
The shares of multiplex players PVR and Inox Leisure plunged after the Maharashtra government's decision to shut cinema halls and multiplexes amid rising number of Covid cases.
Around 12 noon, shares of PVR on the BSE were trading at Rs 1,136.20, lower by Rs 100.60 or 8.13 per cent from its previous close.Stock price of Inox Leisure was trading at Rs 263.45, lower by Rs 15.60 or 5.59 per cent.
On Sunday, the Maharashtra government announced a "week-end lockdown" across the state till April end, besides stringent weekdays norms, to combat the pandemic's resurgence.
All agricultural, industrial manufacturing, production activities will be allowed but private offices, places of worship, restaurants, bars, pubs, cinemas, malls, shopping plazas, beauty parlours or gents salons, beaches, gardens, playgrounds, swimming pools, sports complexes, amusement parks, and other crowded places shall be shut.
The decision comes at a time when the economy and business activities were on their recovery cycle. Market players are concerned that the latest restrictions may hamper the economic recovery and impact the already-battered businesses.