Sensex tanks over 1400 points, plunges below 59K

New Delhi: Amid weak global cues on Monday, Sensex and Nifty were down deep in the red as bears ran free on Dalal Street. Sensex tanked more than 1413 points to 58,222, below 59K first time in nearly 2 months.

The NSE Nifty 50 index dropped below 17,500 levels. Nifty saw the biggest correction in over six months today. The index corrected 1,000 points or over 5% from the all-time high. Nifty Bank corrected over 4,000 or 10% from the all-time high.

At 14:48, benchmark indices fell nearly 2 per cent with Sensex falling over 1400 points and Nifty below 17,500. The Sensex was down 1,413.00 points at 58222.00, and the Nifty was down 41.00 points at 17343.80.

Reliance Industries (RIL), Maruti, Bajaj Finance, Kotak Mahindra Bank, HCL Tech, Bajaj Finserv and SBI were the top losers in the Sensex pack with their shares down as much as 6.01 per cent. Sectorally, all the Nifty sub-indices were trading in red with Nifty Auto and Nifty PSU Bank down as much as 3.84 per cent.

India VIX was up 8 per cent. In the broader markets, the BSE MidCap and SmallCap indices were down 2 per cent each. A sharp drop in heavyweight Reliance Industries and weak global sentiment dragged Indian markets lower. A resurgence of coronavirus outbreaks in Europe and some other regions is weighing on global investor sentiment.