Sensex nosedives over 1,000 pts in early trade; Nifty tanks below 16,700
Mumbai(PTI): Equity benchmark Sensex plummeted over 1,000 points in early trade on Monday, tracking across-the-board losses amid a selloff in global markets as concerns over rising Omicron cases spooked investors.
Persistent foreign fund outflow too weighed on investor sentiment.
The 30-share index slumped 1,028.61 points or 1.80 per cent to 55,983.13 in the opening trade. Similarly, the Nifty tanked 307.50 points or 1.81 per cent to 16,677.70.
Bajaj Finance was the top loser in the Sensex pack, shedding around 4 per cent, followed by Tata Steel, SBI, NTPC, M&M and HDFC Bank.
On the other hand, Sun Pharma was the sole gainer.
In the previous session, the 30-share equity benchmark had ended 889.40 points or 1.54 per cent lower at 57,011.74. Similarly, the NSE Nifty had plunged 263.20 points or 1.53 per cent to 16,985.20.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,069.90 crore on Friday, according to stock exchange data.
Rising inflation, hawkish central banks, exploding COVID cases, sustained selling by FIIs and slowing growth momentum in the developed economies combined to produce the perfect storm that spooked the markets last week, said VK Vijayakumar, Chief investment Strategist at Geojit Financial Services.
"These negative factors persist, causing concerns about further downtrend in the market, particularly if FIIs continue to sell. But negative sentiments are unlikely to last long. Omicron variant, though fast spreading, has not proved to be highly virulent as feared. Also, FIIs will turn buyers soon when valuations become attractive," he noted.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals as concerns over resurgence of COVID cases battered global sentiment.
Meanwhile, international oil benchmark Brent crude fell 2.45 per cent to USD 71.72 per barrel.
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Road crash in UP leaves 10 dead
Lakhimpur Kheri (UP) (PTI): Ten people were killed when a van collided head-on with a truck on the Sisaiya-Lakhimpur national highway on Monday, police said.
The van was going to Sisaiya from Lakhimpur when the accident took place between Unchgaon and Bharehta villages.
Circle Officer of Dhaurahra, Shamsher Bahadur Singh, said all nine passengers travelling in the van and the driver were killed.
District Magistrate of Lakhimpur Kheri Anjani Kumar Singh told reporters that the van collided with a truck coming from the opposite direction, leading to nine casualties on the spot, while one succumbed to injuries at the district hospital.
Circle Officer, Dhaurahra, Shamsher Bahadur Singh told PTI, "Efforts are on to establish the identity of other deceased persons."
The seven of the deceased have been identified as Jaideep Singh (25), Pawan (23), Sohan (21), Ram Goyal (42), Sahajram (35), Pappu (18), all residents of Bahraich district and Adnan Khan (15), a resident of Lakhimpur Kheri district, police said.
Condoling the loss of lives in the accident, Uttar Pradesh Chief Minister Yogi Adityanath in a post on X, said, "The loss of life in the unfortunate road accident in Lakhimpur Kheri district is deeply distressing and heart-wrenching. My condolences are with the bereaved families."
"I have directed the local administration to provide prompt and adequate assistance to the injured and the victims. I pray to Lord Shri Ram to grant the departed souls a place at His divine feet and to bestow a speedy recovery upon the injured," Adityanath said on X.
Deputy Chief Minister Keshav Prasad Maurya and Brajesh Pathak too condoled the loss of lives in the accident.
"The loss of lives resulting from the road accident in Lakhimpur Kheri district is deeply tragic and heart-wrenching. My deepest condolences go out to the bereaved families," Maurya said.
