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  Business   Market  07 Dec 2021  Stock market tanks again on virus fear

Stock market tanks again on virus fear

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Dec 7, 2021, 12:16 am IST
Updated : Dec 7, 2021, 12:16 am IST

The mood in the market turned so bearish that all the Sensex and 49 of 50 Nifty-50 stocks closed with losses

Foreign portfolio investors' selling spree continued on Dalal Street with net selling of equities worth Rs 3,361.28 crore. The domestic institutions were net buyers of equities worth Rs 1,701.56. crore. —  PTI
 Foreign portfolio investors' selling spree continued on Dalal Street with net selling of equities worth Rs 3,361.28 crore. The domestic institutions were net buyers of equities worth Rs 1,701.56. crore. — PTI

Mumbai: The bulls dominance on the equity market weakened further with  a 1.65-per cent fall on Monday, making it back to back steep fall after Friday, on growing uncertainty around the new Covid variant omicron, US Fed's monetary policy stance and RBI's monetary policy to be announced on December 8 and December 15, respectively.

The Sensex fell 949.32 points or 1.65 per cent after a weak opening and closed at 56747, after hitting a three-month low of 56687.62. The Nifty-50 fell below the 17000-mark and closed at 16912, down 284.45 points or 1.65 per cent.
Investors' wealth tumbled by Rs 5,80,016.37 crore in the last two trading sessions.

 

The mood in the market turned so bearish that all the Sensex and 49 of 50 Nifty-50 stocks closed with losses.

Asian markets fell too with China's real estate market again looking shaky with defaults from bigger property players lurking. Hong Kong's Hang Seng was down 1.76 per cent, China's Shanghai Composite 0.50 per cent and Japan's Nikkei 0.36 per cent.

Foreign portfolio investors' selling spree continued on Dalal Street with net selling of equities worth Rs 3,361.28 crore. The domestic institutions were net buyers of equities worth Rs 1,701.56. crore.

"Selling was witnessed in heavyweight sectors like IT, auto, banking, pharma and FMCG. Concern over the new variant of Covid and the upcoming RBI meeting on interest rate kept the market volatile. All the sectors ended in the red," said an analyst.

 

 Broader market outperformed, as the BSE Mid-cap and Small-cap indices fell 1.35 per cent each.

Tags: equity market, uncertainty omicron, china real estate market, rbi monetary policy