Omicron Caused Uproar In The Stock Market, Sensex Fell By More Than 1300 points, Nifty Took A Dive Of 414 points
The fear of coronavirus is increasing in the country and the world. The latest news is coming from the Indian stock market. As soon as it opened on Monday morning, there was a huge fall in the Sensex.
Sensex is down more than 1300 points. Nifty has also come down below the level of 16,650. As of 9:45 am, the Sensex was down 1,108 points at 55,903 and the Nifty 50 index was down 339 points, or 2 percent, at 16,646. Asian stock markets fell on Omicron and oil prices fell on Monday. At the same time, due to the increase in Omicron COVID-19 cases, strict restrictions have been imposed in Europe, which will have an impact on the global economy.
Most major sub-indicators closed, with IT, car, and pharmaceutical stocks still declining, while the 20 outbreaks reported by Omicron crowned in India rose sharply to 12 on Sunday.
"Omicron ambiguity continued to lift the spirits of domestic investors ahead of Wednesday's important Reserve Bank of India (RBI) policy announcement," said Vinod Nair, head of research at Geojit Financial Services.
"The internal market is expected to be volatile, as changes in decisions and new policies are under short-term control."
The Reserve Bank of India's (RBI) monetary policy committee meeting is set to begin on Monday, with investors paying close attention to the central bank's comments on future interest rate hikes.
According to a poll of Reuters economists, the RBI will hold the rates at its December meeting and increase the reverse buyback rate early next year and the buyback rate in the next quarter.
The Nifty IT Index, which rose about 44% on the year, fell almost 3%, marking its worst day in nearly two months.
The weightings of the Tata Consultancy Services and Infosys Ltd indices fell by 2.9% and 2.3% respectively.
The Nifty Real Estate Index dropped its initial gains and closed down 1.4%, while the Nifty Real Estate Index lost 1.8%.