Sensex nosedives 1000 pts; Nifty trades below 17,500

New Delhi: Indian stock markets witnessed a massive selloff as Sensex went to plunge down by 1000 points while Nifty was trading below key 17,500 levels. Weak global sentiment and a massive drop in heavyweight Reliance Industries have resulted in this drag down.

Lockdown resumptions amid the covid outbreak in Europe and some other regions have been cited as the major factor in this heavy fall.

Equity indices opened in red on Monday with Sensex down by 317.57 points and Nifty down by 87 points.

The 30-scrip BSE Sensex was down by 317.57 points or 0.53 per cent at 59318.44 at 9.20 am.

Similarly, 50-scrip NSE Nifty was trading at 17677.80 at 9.20 am, down by 87 points or 0.49 per cent.