Concerns about renewed lockdown restrictions and decline in the already recovering business activities led to investors appetite bearish for equities.
There was a massive demand for pharma stocks in a broader selloff making them the top bulls of today so far. Metal, Banking, Auto, Consumer Durables and Oil & Gas were worst hit.
At around 09.59 am, Sensex was trading at 57,771.44 lower by 1023.65 points or 1.74%. The index has touched an intraday low of 57,727.62.
Nifty 50 at the same time traded at 17,223.20 lower by 313.05 points or 1.78%. The index has clocked an intraday low of 17,217.10.
In terms of sectoral indices on BSE, the Bankex index nosedived nearly 945 points followed by Consumer Durables shedding nearly 935 points. Auto and Metal index slipped nearly 635 points and 530 points. While Oil & Gas, the index fell by nearly 420 points.
On the contrary, the Healthcare index on BSE outperformed its counterparts by skyrocketing over 400 points. Except for pharma and healthcare stocks, all other sectoral indices were in the red.
There were only two stocks that were in a bull run namely Dr Reddy's Lab and Sun Pharma surging by 2% and 0.6% respectively.
Bears on Sensex were - Bajaj Finserv tumbling 3.5% followed by Bajaj Finance and Tata Steel slipping by 3.4% and 3.05%. Kotak Bank, Maruti, Titan, HDFC, M&M, NTPC, IndusInd Bank, Reliance Industries, ICICI Bank and SBI nosedived between 2-3%.
Stocks like Bharti Airtel, Ultratech Cement, Tech Mahindra, ITC, HDFC Bank, Axis Bank and L&T declined between 1-2%.
On the global front, Asian markets traded weakly as rising in Covid cases coupled with higher interest rates saw profit booking. Chinese stocks will be in action as data on growth could be the saving grace with investors ready to invest as valuations give huge comfort.
US markets closed on Thursday for Thanksgiving as it sees most other indices close in the green as emerging markets bounce back. Bond yields remain elevated near 1.64% with Germany in fear of lockdown as Covid cases rise. Global indices drifted with US futures lower.