Here are 10 things to know about Monday's market crash:
The Sensex slumped 5.9 per cent or 2,002 points to close at 31,715 and the Nifty dropped 5.7 per cent or 566 points to settle at 9,293.
Prolonged lockdown to contain the spread of COVID-19 is likely to affect the corporate earnings going ahead, which is adding to selling pressure in the equity markets, analysts said.
India VIX, the gauge of volatility, surged 28 per cent to 44.
Selling pressure was visible across the sectors, with banking, auto, metal and realty sector indexes falling 6-8 per cent each.
The gauge of banking shares on the NSE, Nifty Bank, index dropped 1,870 points or 8.7 per cent as the extended lockdown could lead to higher non-performing assets going ahead and this is causing excessive selling pressure, analysts added.
Auto shares witnessed intense selling as many auto companies including Maruti Suzuki and Bajaj Auto witnessed zero sales in the month of April.
Mid- and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 index dropped 4.4 per cent and Nifty Smallcap 100 index dived 3.2 per cent.
HDFC, HDFC Bank, ICICI Bank, Infosys, Reliance Industries and Axis Bank were among the top drags on the Sensex. They collectively wiped out over 1,000 points from the Sensex.
In the Nifty 50-basket of shares, 46 ended lower. Hindalco was the top loser; the stock dropped 11.44 per cent to Rs 115. ICICI Bank, Vedanta, Bajaj Finance, IndusInd Bank, Tata Motors, HDFC, JSW Steel, Axis Bank, Maruti Suzuki, Tata Steel, Tech Mahindra and Adani Ports also fell 8-11 per cent each.
The overall market breadth was extremely bearish as 1,438 shares closed lower while 386 ended higher on the National Stock Exchange.