Indian equity benchmark indices, Sensex and Nifty opened sharply lower on Friday following steep losses in global markets on concerns over resurgence of coronavirus infections could stunt the pace of reopening economies.

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At 9:15 am, the Sensex plunged 1101.68 points or 3.28 percent to 32,436.69, while the Nifty50 index opened 357.05 points or 3.61 percent lower at 9,544.95.

Selling in the market was broad-based as Nifty Smallcap100 and Nifty Midcap100 indices also suffered losses of more than 3 percent each.

All the Nifty sectoral indices were trading lower with Nifty PSU Bank falling the most over 4 percent followed by Nifty Financial Services, Nifty IT, Nifty Auto, Nifty Metal and Nifty Realty.

Among Nifty50 stocks, IndusInd Bank, Tata Motors, Zee Entertainment Enterprises, ONGC and Bajaj Finance were the top index losers while there were no gainers.

Biocon gained 2 percent after the company and Mylan received approval from the US Food and Drug Administration (FDA) for the New Drug Application (NDA) for Semglee, an insulin glargine injection, in vial and pre-filled pen presentations.

Shares of State Bank of India (SBI) declined over 3.5 percent after it approved to divest 2.1 percent stake in SBI Life Insurance through the offer for sale (OFS) route at a floor price of Rs 725 per share.

Meanwhile, Asian shares were lower Friday after an overnight rout on Wall Street as investors were spooked by reports of rising coronavirus cases in the US. Fear that a so-called “second wave,” is already coming has punctured bubbling optimism that a quick economic recovery was already underway. That pushed the Dow Jones Industrial Average down almost 7 percent on Thursday.

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