Sensex, Nifty down over 1.5% on rising virus cases
Photo Credit: Reuters

Indian shares fell more than 1.5% on Monday, dragged lower by bank stocks, as investors were spooked by a spike in domestic coronavirus cases and fears of a second wave of infections in Beijing and parts of the United States.

The number of COVID-19 cases in India had surged well past 332,400 by Monday and deaths were over 9,500, making it the world's fourth-worst affected country.

The NSE Nifty 50 index ended down 1.6% at 9,813.70, while the benchmark S&P BSE Sensex closed 1.63% lower at 33,228.8.

Beijing reported a spike in new coronavirus cases in recent days, all linked to a major wholesale food market, fuelling concerns about a resurgence of the disease.

Fears of a second wave of infections and a fall in crude oil prices kept global stock markets in negative territory.

Banking stocks were the worst hit in Mumbai trading, with the Nifty banking index and the financial index closing down 3.59% and 2.91%, respectively.

Three of the top five losers on the Nifty 50 were financial stocks.

Shares of Tata Motors Ltd were the second-biggest losers on the Nifty 50 index, ending the session nearly 5% lower ahead of quarterly results.

Reliance Industries, the country's most valuable company, reversed course to finish the session 1.48% higher.

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