Indian equity markets dipped lower in Monday’s afternoon trade. Even government’s dismissal to media reports on an extension over the country-wide lockdown failed to bring the stocks in the green.

Volatility remains high in stock markets around the globe including India, where benchmark indices gained for a while in today’s opening session but lost its shine shortly.

At 1:20 p.m., BSE Sensex slumped 1,038 points, or 3.5 per cent, to 28,780 levels, and the Nifty50 index hovered around 8,380 levels, down 280 points, or 2.2 per cent.

HDFC (down 7 per cent) and HDFC Bank (down over 4 per cent) were the top drags on the indices. Besides, Bajaj Finance also slipped over 9 per cent while IndusInd Bank pared some of the losses after plunging 10 per cent in the opening deals.

In the broader market, both the S&P BSE MidCap index as well as the S&P BSE SmallCap index were down over 2 per cent each.

Not just India, stock markets around the world have been witnessing similar daily drops as investors are losing confidence, triggering heavy selloffs. Asian indices fell on the growing number of coronavirus cases worldwide.