Sensex crashes 1,400 points on Omicron concerns; investors lose Rs 7 lakh crore
There was massive selling pressure in the banking and financial stocks. Half of the Sensex scrips slumped more than 3 per cent.
Mumbai: The Indian equities markets tumbled on Monday with the benchmark Sensex crashing 1400 points leading to nearly Rs.7 lakh crore loss to the investors’ wealth within a couple of hours of trading.
Financial, banking, and metal stocks tumbled on growing concerns that COVID-19 new strain Omicron would derail the economic recovery globally.
The 30 stock S&P Sensex of the Bombay Stock Exchange started the week deep in the red. At around 11.50 am the Sensex was trading at 55,603.07 points, 2.4 per cent or 1408.67 points lower from its previous session close at 57,011.74 points.
The broader Nifty 50 of the National Stock Exchange crashed 2.45 per cent or 416.35 points to 16,568.85 points. The Nifty 50 opened deep in the red at 16,824.25 points and tumbled to a low of 16,539.35 points within an hour of opening.
The Indian equities markets key indices are trading in the red six out of the past seven trading sessions. Rising cases of Omicron have hit investors’ sentiments in the equities markets across the world. Weakness in the major global equities markets and concerns over inflation and other macroeconomic data has negatively affected the investors’ sentiments in the Indian equities.
Due to the early trading slump, the total market capitalisation of BSE listed companies slumped by Rs6.84 lakh crore to Rs.252.43 lakh crore.
There was massive selling pressure in the banking and financial stocks. Half of the Sensex scrips slumped more than 3 per cent.
Bajaj Finance slumped 5.04 per cent to Rs.6554. IndusInd Bank slumped 4.53 per cent to Rs.843.80. Tata Steel 4.10 per cent down at Rs.1085.40; State Bank of India 4 per cent down at Rs.449.05; NTPC 4.06 per cent down at Rs.120.40, Bajaj Finserv 3.79 per cent down at Rs.15589.90 and HDFC 3.74 per cent down at Rs.2519.35 were among the major Sensex losers.
Only two of the 30 Sensex scrips were trading in the positive. Hindustan Unilever was 0.56 per cent up at Rs.2242.85 and Dr Reddy’s Laboratories 0.25 per cent higher at Rs.4528.