The Sensex fell more than 350 points in early trade on Tuesday, reflecting losses in index stalwarts Infosys, Reliance Industries, and the HDFC twins amid a worldwide market downturn.

In early trading, the 30-share index fell 356.6 points, or 0.61%, to 57,926.82. Likewise, the Nifty dropped 98.35 points, or 0.57%, to 17,269.90.

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Bajaj Finance was the Sensex pack’s biggest loss, losing more than 1%, followed by HDFC, Kotak Bank, IndusInd Bank, M&M, Bajaj Auto, and Bajaj Finserv.

On the other hand, PowerGrid, Dr. Reddy’s, NTPC, and ITC were among the gainers.

The 30-share equity benchmark slid 503.25 points, or 0.86 percent, to 58,283.42, while the Nifty fell 143.05 points, or 0.82 percent, to 17,368.25 in the previous session.

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According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Monday, selling shares worth Rs 2,743.44 crore.

Even though it is still early, the rapid spread of the Omicron virus, notably in the United Kingdom, has increased risk-aversion in global markets, according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“In this backdrop, FIIs have further reason to continue selling, notably in their significant holdings such as HDFC twins and RIL, bringing total FII selling in December to roughly Rs 19,000 crore. The significant drop in these hefty weights drove down the benchmark indices “He stated.

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The market’s immediate direction would be defined by how Omicron plays out and its influence on economic activity, he said, adding that if it becomes a third wave in India, the markets will correct dramatically. On the other hand, if this goes the way of the Delta variant, the markets will recover quickly.

In other Asian markets, bourses in Shanghai, Tokyo, Seoul, and Hong Kong were trading with heavy losses in mid-session trades. Wall Street stock markets also closed the overnight session in the negative.

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Meanwhile, Brent crude, the international oil standard, slipped 0.48% to USD 74.03 per barrel. Rupee falls 17 paise to 75.95 against US dollar in early trade.