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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US rules out use of nuclear weapons against Iran
Washington DC: The White House has reportedly ruled out the use of nuclear weapons against Iran, even as uncertainty continues over ongoing peace negotiations and a deadline set by US President Donald Trump approaches.
Issues bout a possible escalation had increased after US Vice President JD Vance said that the United States has “tools in our toolkit that we so far haven’t decided to use” in dealing with Iran.
His remarks came amid rising tensions and ahead of a deadline linked to peace efforts.
The situation has attracted attention as Trump warned Iran that its “whole civilization will die tonight tonight” if an agreement is not reached by Tuesday at 8 pm.
This statement led to speculation about the possibility of extreme military measures, including a nuclear strike.
Following Vance’s comments, the White House issued a clarification distancing itself from such interpretations. In a post on X, it said, "Literally nothing @VP said here 'implies' this, you absolute buffoons." In a later statement, it added that “only the president knows” what action will be taken regarding Iran.
Literally nothing @VP said here "implies" this, you absolute buffoons https://t.co/7JU3wXMaWX
— Rapid Response 47 (@RapidResponse47) April 7, 2026
