Markets bleed red as Omicron threat slams stocks globally

Mumbai: Equity indices plunged to over four-month lows on Monday as concerns over surging Omicron cases across the world jolted investors, sparking a heavy selloff in global markets.

Relentless selling by foreign investors amid a hawkish tilt by central banks also weighed on sentiment, traders said.

The 30-share BSE Sensex slumped 1,189.73 points or 2.90 per cent to end at 55,822.01 — its lowest since August 23 this year.

On similar lines, the NSE Nifty tanked 371 points or 2.18 per cent to end at 16,614.20.

Investors have lost a hefty Rs 11,45,267.43 crore in two days as the domestic equity market continued to face severe drubbing amid a global selloff The market capitalisation of all BSE-listed companies tumbled by Rs 6.79 lakh crore to stand at Rs 2,52,57,581.05 crore.

Tata Steel was the top loser in the Sensex pack, sinking 5.20 per cent, followed by IndusInd Bank, SBI, Bajaj Finance, HDFC Bank. Kotak Bank and NTPC.

Only HUL and Dr Reddy's managed to close in the green, climbing up to 1.70 per cent.

According to experts, exploding COVID-19 cases, sustained selling by foreign institutional investors and slowing growth momentum in the developed economies have spooked markets the world over.

All sectoral indices ended in the red, with BSE realty, oil and gas, metal, bankex and energy indices falling up to 4.74 per cent.

Broader BSE midcap and smallcap indices lost as much as 3.42 per cent.

Meanwhile, international oil benchmark Brent crude tumbled 3.51 per cent to $70.94 per barrel.

However, the rupee notched up gains for a third straight session on Monday, rising further by 16 paise to settle at 75.90 against the US dollar as easing crude oil prices revived an otherwise lacklustre sentiment.

Foreign institutional investors continued to offload shares in the capital market on Friday, as they sold equities worth Rs 2,069.90 crore, exchange data showed.