More than 3 percent fall in Reliance Industries put pressure on major indexes
The market rolled due to fear of Omicron
The fear of Omicron, the new form of Kovid, has once again dominated the stock market. In fact, the uncertainty among investors has increased after new cases of Omicron came to light in India, due to which there has been a sell-off today. In today’s trade, the Sensex fell 765 points at the level of 57,696 and the Nifty closed at the level of 17198 with a fall of 205 points.
Why did the market fall
The fall in the stock market has been seen due to the sell-off in heavyweight stocks amid new apprehensions about Kovid. With Omicron cases being found in India, investors are now taking a cautious approach to new investments. Different things are coming out about the new variant of Kovid, due to which the uncertainty in the market has increased and investors are exiting the market from the upper levels. Along with this, there has been a sharp decline in giant stocks like Reliance Industries today. The index has also been under pressure due to a fall of more than 2 percent in the country’s largest company by market cap.
how was today’s business
The stock market had started in the green today, although with the trading, the decline in the market dominated. In the last hour of trading, the Sensex touched the day’s low of 57,640.57, which was down 820 points from the previous closing level. Barring realty and media sector, all major sector indices closed with a fall at the end of trading. Financial Services Sector Index, FMCG Index and Oil & Gas Sector Index fell more than 1 percent today. At the same time, there was an increase of more than 1 percent in the media sector index. Out of 50 stocks included in Nifty, 38 stocks closed in the red mark. Out of this, 5 stocks have closed in loss of more than 2 percent. Among Nifty stocks that fell the most, Power Grid closed down 4.06 percent, Reliance Industries 2.81 percent, Kotak Mahindra Bank fell 2.25 percent. On the other hand, among the rising Nifty stocks, UPL closed with a gain of 2.12 percent, BPCL 1.89 percent and IOC 1.45 percent.