Markets extend selloff as Covid-19 surges; investors flee risky assets

Over Rs 10 trillion of investor wealth has been wiped out in March, as rising US bond yields and Covid-19 infections triggered a flight to safety.

The benchmark indices fell sharply for a second session as the alarming rise in Covid cases hit investor sentiment and raised doubts over the pace of economic recovery.

The Sensex ended at 48,440, with a decline of 740 points or 1.5 per cent, while the Nifty closed at 14,325, a fall of 224 points or 1.5 per cent. Both indices are now back at levels last seen before the Union Budget. The blue chip company-focused indices have declined around 7 per cent from their peak on February 15.

Over Rs 10 trillion in investor wealth has been wiped out this month as