Equity indices were trading near the day's low with heavy losses in mid-afternoon trade. The Nifty was trading below 14,350 level. Investors sentiment was dented as COVID-19 cases continued to surge in the country.

At 14:26 IST, the barometer index, the S&P BSE Sensex, slumped 1,677 points or 3.38% at 47,913.76. The Nifty 50 index tanked 507.85 points or 3.42% at 14,327.65.

The broader market tanked. The S&P BSE Mid-Cap index lost 4.83% while the S&P BSE Small-Cap index tumbled 4.27%.

Sellers outnumbered buyers. On the BSE, 456 shares rose and 2,249 shares fell. A total of 169 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths. India reported 12,01,009 active cases of COVID-19 infection and 1,70,179 deaths while 1,21,56,529 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Monday reported 1,68,912 new COVID-19 cases and 904 deaths in last 24 hours, according to data from the Union Health Ministry.

The media reported that a total lockdown may be impending in Maharashtra. With rising COVID cases, a total lockdown is mulled by state government officials. State health minister Rajesh Tope said that a decision could happen after it is discussed during Wednesday's cabinet meeting.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 74.9825 compared with its previous closing of 74.73.

The yield on 10-year benchmark federal paper fell to 6.009% as compared to its previous close of 6.017%.

MCX Gold futures for 4 June 2021 settlement shed 0.02% to Rs 46,584.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.11% to 92.263.

In the commodities market, Brent crude for June 2021 settlement rose 20 cents to $63.15 a barrel. The contract fell 0.4% to settle at $62.95 in the previous trading session.

Buzzing Index:

The Nifty Media index slumped 7.45% to 1,441, snapping its three day rising run. It was the worst performing sectoral index on the NSE.

Zee Entertainment (down 10.9%), Sun TV Network (down 7.39%), TV18 Broadcast (down 7.08%), DB Corp (down 6.42%), TV Today Network (down 6.21%), Inox Leisure (down 5.93%), Dish TV (down 5.56%) and PVR (down 4.94%) were top losers in media segment.

Stocks in Spotlight:

Tata Communications fell 2.5%. The communication company and Bahrain Internet Exchange (BIX) extended their partnership to offer high speed internet connectivity with very low latency for customers in Bahrain.

Music Broadcast declined 1.85%. The board of Music Broadcast has decided not to pursue the proposed investment in Big FM and the company will be terminating the definitive transaction documents with immediate effect. The parties have not yet received the approval from the MIB and the long stop date under the definitive agreements has expired.

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