Domestic shares reversed from early gains to trade lower on Tuesday, extending a selloff from the previous session, as worries deepened over a fast-spreading new strain of the coronavirus detected in Britain. The NSE Nifty 50 index was down 0.85 per cent at 13,243.30 by 9:41 am, while the benchmark S&P BSE Sensex fell 0.54 per cent to 45,317.91. Both the indices rose as much as 0.80 per cent in early trade.
Both the Nifty and Sensex had tumbled 3 per cent on Monday, snapping six straight sessions of gains as the new virus strain dimmed hopes of a global economic recovery.
On Tuesday, the Nifty Media index was down 4.25 per cent and the Nifty PSU Bank index fell 3.3 per cent.
Shares of the country’s most valuable company, Reliance Industries, slipped as much as 2.64 per cent and were the top drag.
Airline stocks also extended losses after the government announced suspension of all flights from the UK to the country until the end of the year.
Interglobe Aviation fell as much as 5.44 per cent and SpiceJet slid 10 per cent.
Broader Asian shares extended a pullback from multi-year highs hit last week on concerns over the highly infectious new strain of COVID-19.