The massive market sell-off caused by the Omicron type of coronavirus has left investors 11.23 lakh crore poorer in two days. The rapid spread of the highly mutated strain prompted a sell-off in stocks ahead of the year-end holidays.
Tata Steel Ltd. was the biggest drag on the NSE Nifty 50 Index, which fell 2.3 percent in early trade on Monday, falling 1,182.53 points to a low of 55,829.21. On Friday, it fell 889.40 points, or 1.54%, to close at 57,011.74.
In two days, the market capitalisation of BSE-listed businesses fell by 11,23,010.78 crore to 2,52,79,340.30 crore.
On Friday, investors’ wealth shrank by almost 4.65 lakh crore as markets suffered a strong selloff in response to negative global trends and continuing selling by foreign institutional investors.
“Markets are under great pressure; a further 5% to 6% loss for the benchmark is probable,” Vishal Wagh, head of research at Bonanza Portfolio Ltd, was reported as saying by news agency Bloomberg.
Another market analyst, Gaurav Garg, the head of research at Capitalvia Global Research Ltd, predicted that traders would be cautious in the coming months.
“The Indian benchmarks opened lower today, owing to an increase in Omicron coronavirus cases around the world. Traders will be wary of the ongoing net outflow of foreign capital, as Foreign Portfolio Investors (FPIs) had withdrawn out 17,696 from Indian markets so far in December “Garg told the PTI news agency.
The benchmark Sensex in India climbed more than 20% in the first ten months of this year, helped by the Reserve Bank of India’s (RBI) attempts to pump funds into the economy and consistent buying by millions of first-time investors. The rise of about 120% from the bottom in March 2020 is the highest among countries with stock markets valued at least $1 trillion.
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