Sensex Down 200 Points, Nifty Below 17,000; Most Sectors In Red, IT, Metal Stocks Rally

The frontline indices on Dalal Street are oscillating between gains and losses; Healthcare, telecom, and pharma stocks have opened up in the market with a boom

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New Delhi: India’s key equity benchmarks opened marginally lower on Monday early morning after Friday’s steep fall, with Sensex down 79 points at 57,028 while Nifty up 29 points at 17,055. Healthcare, telecom, and pharma stocks have opened up in the market with a boom, as the frontline indices are oscillating between gains and losses on Dalal Street.  

The BSE Sensex was at 57,311 levels, up 200 points at 10:05 am, while the Nity50 was at 17,068, up 42 points, however, at 10.40 am Sensex again dipped 39 points and Nifty was trading below 17,000.    

Except IT and metal all other sectoral indices are trading in the red. BSE midcap and smallcap indices dipped 1 per cent each. India VIX, volatility index, came off highs and was up just 2 per cent.

The Omicron coronavirus variant spread around the world on Sunday, with new cases found in the Netherlands, Denmark, and Australia even as more countries imposed travel restriction to try to seal themselves off.

The World Health Organization (WHO) said it was not yet clear whether Omicron, first detected in Southern Africa, is more transmissible than other variants, or if it causes more severe disease.

Good signs from SGX Nifty 

In the morning, investors are heaved a sigh of relief from the signs that are coming from the SGX Nifty, which was trading in positive territory. SGX Nifty is trading at 17,148 points with a gain of 106 points. 

Mixed trend of Asian market

The Asian market is trading well on the first trading day of the week compared to Friday. Taiwan’s index is trading 9 points higher. Shanghai is trading 11 points lower, Nikkei is trading with 5 points lower. While these markets also saw a sharp decline on Friday. 

FPI’s buying in November

The stock market may be showing a decline but Foreign Portfolio Investors (FPI) has purchased shares worth Rs 5,319 crore in the Indian equity market in November. While FPI sold shares worth Rs 12,437 crore in October. 

Fear of Omicron variant 

Stock markets around the world were hit by a new variant of coronavirus found in South Africa on Friday. Omicron, the new variant, proved to be Black Friday for Indian stock markets on Friday for fear of lockdown by countries around the world. The Sensex fell 1,687 points, to 57,107, and the Nifty dropped 510 points, to 17,026.