The impact of COVID-19 or coronavirus decimated the Indian share market over the last week and the weak sentiments appear to be spilling over into the new week as well. On Wednesday, after an initial gain of 400 points in opening trading, the 30-share Bombay Stock Exchange's Sensex (BSE) fell by 380 points to 30,195 points.
On Tuesday, Sensex shed all trading gains made through the day and settled at 30,579, down 811 points.
The National Stock Exchange's (NSE) 50-share index Nifty, which is a broader index, was also down in opening trading by almost 107 points to 8,850.
The banking stocks were mainly down on both the NSE and BSE, with the COVID-19 pandemic expected to take a toll on the economy. The Indian currency, however, gained some strength against the US dollar. After opening at 73.98, the currency gained a high of 73.92 in early trading.
India has recorded three deaths due to COVID-19 and according to latest data available from the federal Health and Family Welfare Ministry, there are 130 active cases of the viral infection in the country.
