The Indian equity benchmark indices opened sharply lower on Monday as worries over the economic impact of the second wave of COVID-19 in the country and stricter restrictions imposed by various states weighed on investor sentiment.

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At 9:15 am, the Sensex opened 1.83 percent, or 891.22 points lower at 47,940.81, while the Nifty50 index opened at 14,306.60, down 311.25 points, or 2.13 percent.

Heavy selling across sectors dragged Nifty around the support zone of 14,250. The index has not broken this level in the consolidation of last 3 weeks.

Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices plunged more than 3 percent each.

Meanwhile, leading global brokerages have downgraded India’s GDP growth projections for the current fiscal year to as low as 10 percent on local lockdowns threatening fragile recovery.

All the sectoral indices were trading with heavy losses with Nifty PSU Bank and Nifty Auto, Nifty Realty worst-hit.

None of the Nifty50 stock was up, while Adani Ports & SEZ, IndusInd Bank, Hero MotoCorp, Tata Motors and Eicher Motors were the top losers.

Meanwhile, in Asia, Asian shares hovered near 1-1/2 week highs on Monday helped by expectations monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections.

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