Sensex Tumbles Over 1,250 Points From Day’s High, Nifty Gives Up 17,000

The investors awaited gross domestic product data that is expected to show the country’s economic recovery strengthened in the second quarter

The BSE at Dalal Street in Mumbai

New Delhi: The Indian equity benchmarks — Sensex and Nifty — which advanced in early trade on Tuesday riding on positive global momentum, plummeted sharply due after US drug maker Moderna’s CEO set off fresh alarm bells after he warned that Covid-19 vaccines seemed less effective against the Omicron variant as they have been against the Delta version.

The BSE Sensex tumbled over 1,250 points from the day’s highest level and Nifty 50 index dipped below 17,000 after hitting high of 17,324.

The investors awaited gross domestic product (GDP) data that is expected to show the country’s economic recovery strengthened in the second quarter.

The Sensex fell 196 point to close at 57,065 and Nifty 50 index dropped 71 points to close at 16,983.

Among the bluechip names, Power Grid was the top gainer, rising 3.12 per cent. Shree Cements, Bajaj Finserv, Titan, Tata Consumer, SBI Life Insurance and Infosys were other gainers. Tata Steel, Kotak Bank and Bajaj Auto were the top losers of the day.

Tata Steel was top Nifty loser, the stock fell 4 per cent to close at Rs 1,070. Kotak Mahindra Bank, JSW Steel, Adani Ports, Bajaj Auto, IndusInd Bank, Mahindra & Mahindra, Bharti Airtel, Hero MotoCorp, Hindalco, Reliance Industries and Coal India also fell between 1.6-3.1 per cent.

Despite paring gains, the broader markets outperformed the benchmark indices in trade on the back of selective buying. The BSE midcap index gained 0.3 per cent, while the smallcap index rallied 1.5 per cent. The overall breadth was marginally positive, as 1,772 stocks advanced on the BSE, while 1,478 declined.

On the other hand, shares of Go Fashion, which owns women’s clothing brand Go Colors, made a stellar debut on the exchanges on Tuesday as the stock listed with a huge premium of nearly 91 per cent over its issue price of Rs 690.

The stocks were listed at Rs 1,316, reflecting a steep jump of 90.72 per cent on the BSE and it further surged 94.34 per cent to Rs 1,341.

At the NSE, it made its debut at Rs 1,310, jumping 89.85 per cent.