The Indian equity benchmark indexes- BSE Sensex and NSE Nifty- plummeted over 2.3% during early trading hours of Monday as spread of Omicron variant of Coronavirus weighed heavily on investors' sentiment.
As of 10:45 am, the Sensex was down 1,200 points at 55,810 and Nifty 50 index dropped 366 points to 16,618.
Gaurav Garg, Head of Research, Capitalvia Global Research, "The Indian Benchmarks made gap-down opening today amid rising Omicron coronavirus cases worldwide. Traders will be cautious with continuous net outflow of foreign funds as Foreign Portfolio Investors (FPIs) have pulled out Rs. 17,696 from the Indian markets in December month so far. RBI data showed decline in India’s forex reserves for the third consecutive week."
"Our research suggests that the levels of 16350 may act as support levels in the market. If the market unable to sustain above the level of 16350, we can expect the market to trade till the lower range of 16000-16100."
The new variant of coronavirus has forced few European nations to place lockdown-like measures. In India, where over 150 cases of Omicron are reported so far, health authorities have said that the country may face a stage of 'worry' with the onset of winters, as people socialize for Christmas and New Year celebrations.
Meanwhile, shares of property developer- Shriram Properties- got listed at 20% discount to issue price(Rs 118) at Rs 94 on the BSE.