Key equity barometers were hovering near the day's low in afternoon trade. The Nifty was trading below 14,350 level. Investors sentiment was dented as COVID-19 cases continued to surge in the country.

At 13:20 IST, the barometer index, the S&P BSE Sensex, slumped 1,654.56 points or 3.34% at 47,936.76. The Nifty 50 index tanked 497.20 points or 3.35% at 14,337.65.

Reliance Industries (down 3.86%), HDFC Bank (down 3.96%) and ICICI Bank (down 5.30%) were major drags.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index lost 5.28%. The S&P BSE Small-Cap index skid 4.78%.

Sellers outnumbered buyers. On the BSE, 429 shares rose and 2,435 shares fell. A total of 184 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths. India reported 12,01,009 active cases of COVID-19 infection and 1,70,179 deaths while 1,21,56,529 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Monday reported 1,68,912 new COVID-19 cases and 904 deaths in last 24 hours, according to data from the Union Health Ministry.

The media reported that a total lockdown may be impending in Maharashtra. With rising COVID cases, a total lockdown is mulled by state government officials. State health minister Rajesh Tope said that a decision could happen after it is discussed during Wednesday's cabinet meeting.

Economy:

India's foreign exchange reserves declined $2.415 billion to stand at $576.869 billion in the week ended 2 April 2021, RBI data showed on Friday. The reserves had touched a record high of $590.185 billion in the week ended 29 January 2021.

The gold reserves dropped by $884 million to $34.023 billion in the reporting week, as per the central bank data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.486 billion.

Meanwhile, commercial banks in India gave almost one fourth of loans (about Rs 1.55 trillion) in the last fortnight of the financial year. The total lending was Rs 5.80 trillion in FY21 lower than about Rs 6 trillion in FY20. The outstanding credit stood at Rs 109.51 trillion as of 26 March 2021, according to Reserve Bank of India data. On a year-on-year (Y-o-Y) basis, the lending by commercial banks rose by 5.6% in the financial year (FY21), a period marked by economic contraction due to COVID-19 pandemic as against 6.1% in FY20.

Gainers & Losers:

Cipla (up 3.81%), Dr Reddy's Laboratories (up 3.04%), Divi's Laboratories (up 2.39%) and Britannia Industries (up 0.75%) were major gainers in Nifty 50 index.

Tata Motors (down 9.27%), Adani Ports & Special Economic Zone (APSEZ) (down 8.75%), IndusInd Bank (down 8.35%), State Bank of India (SBI) (down 7.29%) and Bajaj Finance (down 6.61%) were major losers in Nifty 50 index.

Nifty Result Today:

IT bellwether TCS was down 1.51% ahead of its Q4 earnings today, 12 April 2021.

Stocks in Spotlight:

Man Industries (India) slipped 1.90%. The company said it received new order worth Rs 766 crore from domestic hydrocarbon sector. This order reflects robust business environment and also showcases the trust customers have in the company's technological and executional capabilities, Man Industries said in a statement. With this new order, the unexecuted order book as on date stands at approximately Rs 1,900 crore to be executed in the current financial year.

Biocon shed 3.35%. Biocon Pharma, a wholly-owned subsidiary of Biocon, received a certificate of Good Manufacturing Practice (GMP) compliance from the Medicines & Healthcare products Regulatory Agency (MHRA), the United Kingdom (UK), for its manufacturing facility at Biocon Park in Bengaluru (Karnataka). The certificate, which includes manufacturing and packaging of tablets and capsules in the non-potent and potent blocks of the facility, was issued based on a remote inspection in the week of 22 March 2021, in the wake of travel restrictions amidst COVID-19.

Balrampur Chini Mills dropped 3.12%. The board of Balrampur Chini Mills on Saturday (10 April 2021) approved the revised capex of Rs 425 crore for the 320 kilo litres per day (KLPD) distillery plant. On 4 November 2020, the company's board had approved a capex of Rs 320 crore for the aforementioned capacity addition project. The company said that the increase in capex to the tune of Rs 105 crore is mainly owing to the inclusion of 20 KLPD of extra-neutral alcohol (ENA), higher storage capacity for raw material and finished goods, sharp rise in steel prices and change in designs of equipment to bring in more efficiency and embrace automation.

Global Markets:

European shares declined while most Asian traded lower on Monday as global stocks continue to search for direction after record highs in several regions last week.

The U.K. government is relaxing lockdown measures in England on Monday, with outdoor dining and hospitality venues, hairdressers, gyms, shops and outdoor attractions allowed to reopen.

In the US, the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout.

On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That's the highest level since September 2011.

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