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Sensex tanks over 1,600 pts on Omicron concerns
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SME Times News Bureau | 20 Dec, 2021
Continuous FIIs' selling along with caution over the rising Omicron
variant cases triggered a massive slide in key domestic equity indices
on Monday's post-noon trade session.
Notably, India VIX
(volatility index) spiked to its nine days high levels and signified the
dominance of the bears in the market.
Besides, all sectors
traded in the negative territory out of which Realty, Banking and
Financial counters witnessed the most weakness and selling pressure.
Consequently, at 12.45 p.m., the S&P BSE Sensex declined by 1,601.35 points or 2.81 per cent to 55,410.39 points.
Similarly, NSE Nifty50 fell by 527.25 points or 3.10 per cent to 16,457.95 points.
Initially, both the indices made a gap-down opening due to the rise in Omicron coronavirus cases worldwide.
Besides, traders were cautious with continuous net outflow of foreign funds.
The Foreign Portfolio Investors (FPIs) have pulled out Rs 17,696 crore from the Indian markets in December so far.
"Our
research suggests that the levels of 16,350 may act as support levels
in the market," said Gaurav Garg, Head of Research, CapitalVia Global
Research.
"If the market is unable to sustain above the level of
16,350, we can expect the market to trade till the lower range of
16,000-16,100."
According to Chandan Taparia, Vice President,
Equity Derivatives and Technical, Broking & Distribution, MOFSL:
"Nifty opened gap down and witnessed sharp selling pressure which
drooled it down to 16,539 levels."
"Market breadth continues to be deep in favour of the declining counters indicating weakness swept across the street."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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