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Sensex, Nifty Tumble On Covid-19 Worries

Indian shares fell sharply on Monday as concerns over the rapidly increasing Covid-19 cases in the country spooked investors.

India recorded over 1 lakh coronavirus cases on Sunday, marking the highest single-day rise since the pandemic began last year.

Sentiment was also dented after Maharashtra government announced new curbs in the state that includes a night curfew and a weekend lockdown.

The benchmark S&P BSE Sensex hit as low as 48,580.80 before seeing some intraday recovery to end the session down 870.51 points, or 1.74 percent, at 49,159.32.

The broader NSE Nifty index ended down 229.55 points, or 1.54 percent, at 14,637.80.

Rate sensitive auto and banking stocks witnessed selling pressure ahead of the Reserve Bank of India (RBI) policy announcement while IT stocks bucked the weak trend, tracking a weakening rupee.

Mahindra & Mahindra, Eicher Motors, SBI, IndusInd Bank and Bajaj Finance fell 4-6 percent in the Nifty pack. Among the top gainers, Infosys, Britannia Industries, Wipro, TCS and HCL Technologies rose 2-3 percent.

Shares of multiplex chain operators PVR and Inox Leisure lost 4-5 percent after the Maharashtra state government ordered shutting down of cinema halls, theatres and multiplexes for public access until further notice to bring the spread of Covid-19 under control.

Adani Total Gas soared 10 percent to extend recent gains.

Adani Enterprises rallied 3 percent after its wholly-owned subsidiary Adani Road Transport won a Rs 1,169.10 crore highway project in Odisha from the National Highways Authority of India.

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