The Omicron variant poses a threat to global economic growth and corporate earnings
MUMBAI: indian stocks fell in the pre-session today on the back of a slowdown in global equities. After the opening bell, the BSE Sensex fell by 600 points to close at 59,600.
The NSE Nifty 50 fell by about 180 points to close at 17,750. bank Nifty fell more than 1.2 per cent. india VIX up 4% Bharti airtel gains 1% in Sensex Soon after, sun Pharma and Dr. Reddy's made strides. hdfc fell 1.9 per cent.
The rapid proliferation of the Omicron variant is already hampering economic activity. The Reserve bank may postpone plans to increase policy rates from april to the next fiscal year to avoid any regulation following the omnibus.
The Omicron variant poses a threat to global economic growth and corporate earnings. The persistence of this concern will influence the decision of investors.
At the same time, the rally in the domestic equity market over the last three days has given confidence to investors.
On Wednesday, the BSE Sensex was up 367 points at 60,223 and the Nifty was up 120 points at 17,925. bank Nifty gained 2.32 per cent to close at 37695. india VIX gained 6.9 per cent to regain 17 levels.
Bajaj Finserv rose 5% yesterday. mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, indian oil, BPCL, Eicher Motors, Axis bank and Tata Steel were the next gainers. Tech mahindra, along with Infosys, HCL Technologies, Divis, wipro and Powergrid, fell 2.7%.
The Nifty IT index fell 1.98% yesterday, just moments before the close of trading. Infosys, Tech mahindra and HCL Technologies were the main losers. The rupee had gained 23 paise to 74.35 against the US dollar in yesterday's trade.
Nifty bank has gained 2500 points in the last 5 days. Meanwhile, Cain withdrew all legal action against India. The company will get a Rs 7,900 crore tax refund.
All the other sectoral indices except IT, pharma and power ended the day with gains of one to two per cent, including auto, bank, metal, realty, oil and gas indices. The BSE Midcap Index ended 0.36% higher and the Smallcap Index ended flat.
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