Sensex falls 1,190 points as Omicron threat sparks selloff

The Sensex and Nifty50 in Indian share markets closed in the red on Monday, as investors worried about the Omicron of COVID-19 and its impact on the global economy. The Sensex closed down 1,189.73 points, or 2.09 percent, at 55,822.01, while the Nifty was down 371.00 points, or 2.18 percent, at 16,614.20. Approximately 621 shares have advanced, 2604 shares have declined, and 97 shares have remained unchanged.

Among the top Nifty losers were BPCL, Tata Steel, Tata Motors, IndusInd Bank, and SBI. Cipla, HUL, and Dr Reddy's Laboratories were among the gainers. All sectoral indices finished in the red, with real estate, banking, capital goods, and metals indices falling 3-4 percent. The BSE midcap and smallcap indices both fell more than 3 percent.

Selling pressure was visible across the board, with all 15 sector gauges compiled by the National Stock Exchange ending lower, led by a 5 percent drop in the Nifty Realty index. The Nifty PSU Bank, Metal, Private Bank, Media, Financial Services, Auto, and Bank indices all fell between 2.5 and 4.5 percent.

On Friday, the US markets finished with significant losses. The S&P 500 was down 1 percent, while the Dow Jones was down 1.5 percent. The Nasdaq, on the other hand, was down only 0.1 percent. Meanwhile, oil prices rose as a result of the US Federal Reserve's upbeat economic outlook. Brent crude was up 1.5 percent to USD75.02 per barrel, while WTI crude was up 2.1 percent to USD72.38 per barrel.

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