Monday Mayhem: 4 Factors That Dragged Sensex Lower By 1470 Pts

Amid intensifying corona situation in the country, markets too tumbled by a huge 1470 points on the Sensex in comparison to previous close. Among the most hit are the financials and PSU Bank stocks. In the morning trade, there was some seen some resilience in pharma stocks, but at the time of writing this report they too traded weak with mild weakness. Broader markets however pared sharp morning losses.

"The steady rise in test positivity cases and the steady decline in recovery rates are areas of serious concern. But, this negativity need not reflect fully in the market since the global clues are positive. The decline in US 10-year yield from the recent high of 1.75 per cent to 1.56 per cent presently is a major relief & support to markets," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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