The stock benchmark Sensex plummeted by more than 1,000 points in early trading on Monday, following a global market sell-off, as concerns about the rise in the Omicron case frightened investors.
The continued outflow of foreign capital has also suppressed investor sentiment.
The 30-share index dropped 1,028.61 points, or 1.80%, to 55,983.13 at the opening. Similarly, Nifty fell 307.50 points or 1.81% to 16,677.70.
Bajaj Finance was the biggest loser in the Sensex package, down about 4%, followed by Tata Steel, SBI, NTPC, M&M and HDFC Bank.
On the other hand, Sun Pharma is the only winner.
On the previous trading day, the 30-share benchmark index closed at 57,011.74, down 889.40 points or 1.54%. Similarly, NSE Nifty fell 263.20 points, or 1.53%, to 16,985.20.
According to stock exchange data, foreign institutional investors (FII) are still net sellers in the capital market because they sold shares worth 206.99 billion rupees on Friday. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that the merger of advanced economies created a perfect storm that shocked the market last week.
“These negative factors continue to exist, causing people to worry about further downtrends in the market, especially if FII continues to sell. But the negative sentiment is unlikely to last for a long time. Although the Omicron variant spread quickly, it has not been as worried as people are worried. It is highly toxic. In addition, when the valuation becomes attractive, FII will quickly become a buyer,” he pointed out.
Elsewhere in Asia, the exchanges in Shanghai, Hong Kong, Tokyo, and Seoul suffered heavy losses in intraday trading as fears of a resurgence of COVID cases have hit global sentiment.
Complete News Source : Hindustan Times
