Sensex Sheds Over 450 Points, Nifty At 16,900 As Omicron Variant Spooks Investors

IndusInd Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finance, Asian Paints, Bajaj Finserv, Maruti, and Tata Steel

The 30-share index plunged 444.83 points to 56,679.48 in the opening trade, while the Nifty tumbled 128.40 points to 16,875.35. Image: Getty

New Delhi: Sensex, the key equity benchmark, plunged over 400 points in early trade on Monday, tracking losses in index majors Reliance Industries, Infosys, and HDFC Bank as concerns over Omicron-induced restrictions had an adverse impact on investor sentiment. Asian stock markets were in the red, with US crude in holiday-thinned trading, as uncertainty over the economic impact of the Omicron variant weighed on investor sentiment.

The 30-share index plunged 444.83 points (0.78 per cent) to 56,679.48 in the opening trade. Similarly, the Nifty tumbled 128.40 points (0.76 per cent) to 16,875.35.

IndusInd Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finance, Asian Paints, Bajaj Finserv, Maruti, and Tata Steel.

On the other hand, PowerGrid, M&M, Dr Reddy’s, and HDFC were among the gainers.

According to Reuters, there is concern over the widening spread of the Omicron variant, which is overall making people cautious about taking stocks higher in Japan, a market participant at a Japanese securities firm.

In the previous session, the 30-share equity benchmark ended 190.97 points (0.33 per cent) lower at 57,124.31, and Nifty declined 68.85 points (0.40 per cent) to 17,003.75

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 715 crore on Friday, according to stock exchange data.

According to analysts, investor sentiment weakened on concerns over impact of restrictions imposed by various states amid rising number of Omicron cases over the weekend.

So far, 422 Omicron cases have been detected across 17 states and Union Territories in India and 130 of these people have recovered or migrated, according to Union Health Ministry data updated on Sunday.

Meanwhile, HP Adhesives made a strong debut on the bourses. The company got listed at 22 per cent premium over its issue price at Rs 319.

International oil benchmark Brent crude rose 0.40 per cent to $76.09 per barrel.