The Sensex and Nifty fell more than 1% in early trade on Monday, owing to deep losses in financials, IT, and auto stocks, as well as lingering concerns about the emergence of the new COVID variant Omicron.
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The 30-stock BSE Sensex fell 585.22 points, or 1.02%, to 56,521.93, with 25 of its components trading in the red.
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The National Stock Exchange’s broader Nifty fell 191.40 points, or 1.12%, to 16,835.05, as Adani Ports, Tata Motors, and Hero MotoCorp fell.
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HDFC fell 1.61%, HUL fell 1.22%, and Maruti fell 0.88% on the Sensex. Among the major losers were Asian Paints, Bajaj Auto, UltraTech Cement, ITC, HDFC Bank, ICICI Bank, Infosys, and SBI.
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IndusInd outperformed the market, rising more than 1% after the Reserve Bank of India (RBI) allowed promoters to own a 26% stake in private banks after 15 years. Bharti Airtel and RIL also rose, limiting the index’s losses.
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Last Friday, FII investors were net sellers of Indian stocks, selling equities worth net Rs 5,785.83 crore.
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Asian markets fell as investors assessed the risks to the economic recovery posed by the new COVID variant Omicron.
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The Nikkei 225 in Japan fell 0.47%, the Hang Seng Index in Hong Kong fell 0.34%, and the Shanghai Composite in China fell 0.42%.
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Separately, the international oil standard, Brent crude futures, rose 4.3% to $75.85 USD per barrel. In early trade, the rupee gains 7 paise to 74.82 against the US dollar.
