Sensex Drops Over 700 Points On Broad-Based Selloff Amid Weak Global Cues

Mid- and small-cap shares were also facing selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indexes dropped over a per cent.

The Indian equity benchmarks fell sharply on Wednesday on the back of weak global cues amid a broad-based selling pressure. The benchmarks opened lower and extended losses in noon deals as rising Covid-19 cases weighed on investors' sentiment. The Sensex fell as much as 798 points and Nifty 50 index dropped below its important psychological level of 14,600. Markets fell across the globe after Germany extended its lockdown until April 18 stoking fears of a longer road to economic recovery, analysts said. As of 12:07 pm, the Sensex was down 639 points at 49,412 and Nifty 50 index declined 188 points to 14,626. Back home, daily COVID-19 cases hit a more than four-month high on Wednesday. The government has said it would expand its vaccination campaign from April to include everyone above 45. "The economic activity comes down with surge in (virus) cases," Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services in Mumbai told news agency Reuters.