Sensex crashes 1,709 pts; Nifty tanks below 8,500

Equity benchmark Sensex plunged over 1,709 points on Wednesday as talks of stimulus measures to cushion the economic blow of the Covid-19 pandemic failed to cheer markets across the globe.

The BSE barometer swung over 2,488.72 points in a highly volatile session, before ending 1,709.58 points or 5.59 per cent lower at 28,869.51.

Similarly, the broader NSE Nifty settled 498.25 points, or 5.56 per cent, down at 8,468.80 .

IndusInd Bank was the top loser in the Sensex pack, plummeting over 23 per cent. PowerGrid, Kotak Bank, Bajaj Finance, HDFC Bank and NTPC also finished significantly lower.

ONGC and ITC were the only stocks in the index that ended with gains.

Traders said domestic equities failed to hold on to early gains as concerns over an economic recession continued to hammer investor sentiment.