Markets plunge as rise in Covid cases sparks fear
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New Delhi/Mumbai, Feb. 23 -- Fears of a second wave of Covid-19 infections and a likely surge in inflation from higher crude prices dragged Indian stocks by the most in two months on Monday, in tandem with falling equities and rising bond yields worldwide.
The BSE Sensex fell 1,145.44 points or 2.25% to close at 49,744.32, while the broader Nifty index lost 306.05 points or 2.04% to close at 14,675.70. Indian indices are now 5% below their record highs set after the Union budget on 1 February. The India Volatility Index, or VIX, rose 14.5% on Monday to touch 25.47, reflecting investor anxiety about further corrections.
On Sunday alone, India recorded 14,199 new cases of covid-19, continuing a recent trend of rising infections after seve...
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