Sensex dives 97 points in a highly volatile session, Nifty slips below 9,900 level

Equity benchmark Sensex dropped 97 points on Wednesday in a highly volatile session where the index gyrated 600 points during the day over border tensions with China and the coronavirus concerns. 

The 30-share index closed 97.30 points, or 0.29%, lower at 33,507.92 after touching the day's low 33,332.96 and recovering to hit an intra-day high of 33,933.66. 

Similarly, the NSE Nifty settled 32.85 points, or 0.33%, down at 9,881.15 after touching a high of 10,003.60 and a low of 9,833.80.  

In the Sensex pack, Kotak Bank was the top laggard as it shed over 2%, followed by ITC, M&M, PowerGrid, M&M, HDFC, Asian Paints and NTPC.

Maruti was the day's biggest gainer and rallied over 4%, followed by Bharti Airtel, Axis Bank, IndusInd Bank and Bajaj Finance. 

Infratel, Kotak Bank, ITC, PowerGrid and M&M were the top losers in the Nifty pack while Maruti, Bharti Airtel, Wipro, Britannia and Axis Bank were among the top gainers. 

Market analysts said border tensions with China, the spike in COVID-19 cases and death toll crossing 10,000 and unabated foreign fund outflows influenced investor sentiment.

India witnessed its highest-single day spike of 2,003 COVID-19 deaths, most of which were added after data reconciliation, pushing the toll to 11,903, while cases rose to 3,54,065 with 10,974 new infections.

Coupled with a violent standoff on the border in Ladakh where at least 20 Indian soldiers were killed in Galwan Valley, the COVID-19 situation is affecting investors sentiment.