The Indian equity market ended over 0.5 per cent lower on Monday, dragged down by financial and metal stocks. The Standard and Poor’s warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rater has projected the Indian economy's growth to contract by 5 per cent this fiscal.
Further, the decline in global stocks due to a surge in the Covid-19 cases continued to be on the investors' radar.
The headline index S&P BSE Sensex slipped 210 points or 0.6 per cent to settle at 34,961.52. During the session, the index hit a high and low of 35,032.36 and 34,662.06 levels, respectively.
NSE's Nifty ended the day at 10,312, down 71 points or 0.68 per cent.
Among individual stocks, Axis Bank, IndusInd Bank, and Bajaj Finance slipped up to 5 per cent. Notably, S&P had downgraded the ratings of both Axis Bank and Bajaj Finance during the weekend. On the other hand, shares of ITC rose as much as 4 per cent after the announcement of its March quarter results.
Meanwhile, Vodafone Idea ended 7 per cent higher at Rs 11.12 on the BSE ahead of its March quarter results due tomorrow.
READ MORE The trends at the sectoral front remained weak as barring Nifty FMCG, all the other indices on the NSe ended in the red. Nifty PSU Bank index slipped over 3 per cent while Nifty Metal index fell 2.64 per cent. Nifty FMCG, on the other hand, gained 0.72 per cent.
The second-rung stocks underperformed the benchmarks. For instance, the Nifty Midcap 100 index fell 1.6 per cent while the Nifty SmallCap 100 index shed 1.38 per cent.
Global markets World shares hit two-week lows and oil fell nearly 2 per cent on Monday as the relentless spread of the coronavirus curbed optimism on the global economy, prompting investors to take shelter in safe-haven bonds and gold.
European stocks opened slightly lower, after Asian shares ended deep in the red playing catch up with Wall Street’s ugly close on Friday as some US states reconsidered their reopening plans.
MSCI’s world shares index was off 0.2 per cent, hitting its lowest level since June 15 dragged down by Japan’s Nikkei shedding 2.2 per cent and Chinese blue chips off 0.9 per cent. E-Mini futures for the S&P 500 were up 0.1 per cent.
In commodities, oil prices slid. Brent crude dropped 84 cents, or 2 per cent, to $40.18 a barrel at the time of writing of this report, and US crude fell 72 cents, or 1.8 per cent, to $37.77.
(With inputs from Reuters)
 "Sensex slips 210 pts amid weak global cues; Voda Idea up 7% ahead of Q4 nos")
