The domestic equity indices further extended losses in early afternoon trade. Investor sentiment was dented as Covid-19 cases continued to surge in the country. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in the red.

At 12:20 IST, the barometer index, the S&P BSE Sensex, tumbled 1,691.68 points or 3.41% at 47,899.64. The Nifty 50 index lost 490.15 points or 3.30% at 14,344.70.

In the broader market, the S&P BSE Mid-Cap index skid 5.30% while the S&P BSE Small-Cap index declined 4.79%.

The market breadth was weak. On the BSE, 419 shares rose and 2,413 shares fell. A total of 176 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 15.22% to 22.7975. The Nifty 29 April 2021 futures were trading at 14,360.70, at a premium of 16 points as compared with the spot at 14,344.70.

The Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 24.7 lakh contracts at the 15,000 strike price. Maximum Put OI of 34.3 lakh contracts was seen at 14,000 strike price.

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.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 13,60,46,262 with 29,36,364 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.

Buzzing Index:

The Nifty Bank index lost 5.28% to 30,735.60. The index skid 6.83% in three sessions.

RBL Bank (down 12.98%), AU Small Finance Bank (down 11.21%), IDFC First Bank (down 10.48%), Bandhan Bank (down 10.04%) and Punjab National Bank (down 10.04%) were the top losers.

Stocks in Spotlight:

Infosys was down 1.44%. The IT major said its board will consider a share buyback proposal on Wednesday, 14 April 2021. On the same day, the company will announce its audited consolidated financial results for the quarter and year ending 31 March 2021. Infosys said its board will also recommend a final dividend for the financial year ending 31 March 2021.

Anupam Rasayan India fell 1.76%. The company has re-paid certain identified borrowings aggregating to Rs 470.73 crore as on 31 March 2021 of its total outstanding debt from the net proceeds of its recently completed initial public offering. The repayment of debt will result in significant savings in the finance cost. The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.

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