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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Manipur ethnic violence claimed 258 lives since May last year: Security Advisor
Imphal, Nov 22: The ethnic violence between Meitei and Kuki communities in Manipur has claimed 258 lives since May last year, the state government's Security Advisor Kuldiep Singh said on Friday.
He said that the state would get around 90 companies of the Central Armed Police Force (CAPF), over and above the 198 companies that are already in Manipur.
"The total number of deaths is 258 including militants," Singh while addressing a press conference after holding a security review meeting here.
The security advisor said that 32 people were arrested in connection with vandalism and torching of properties of ministers and MLAs while around 3,000 looted weapons have been recovered.
"We are getting approximately 90 companies of CAPF, over and above the 198 companies which were earlier sent to the state. A sizeable number of them have already reached Imphal. We are distributing forces to protect the lives and properties of the citizens and vulnerable points," Singh said.
The authorities would set up coordination cells and joint control rooms in each district, he said after the meeting which was attended by representatives of the Army, BSF, CRPF, Assam Rifles, SSB, ITBP and the Manipur Police.
"A number of SOPs (standard operating procedure) have been prepared for deployment of forces for coordination, for functioning, for fringe area security, for national highways security, and for any other important points which have to be taken care of," Singh said.
Chief Minister N Biren Singh would be briefed about the outcome of the meeting as is done in all similar cases, he said.
He said that nine bodies, including those of the victims including those of the six abducted and killed in Jiribam, were buried peacefully under tight security.
The bodies include three women and three children, who were allegedly abducted from a relief camp on November 11 by Kuki-Zo militants from Jiribam's Borobekra area when a group of Kuki youths were engaged in an encounter with CRPF in which 10 of them were killed.
"The CRPF post was attacked during which 10 militants were neutralised. Soon after that, it came to light that three women and three children were abducted," Singh said.
It will be found out whether the abduction happened in presence of the security forces, he said.
No information is available if the militants involved in the abduction belonged to Suspension of Operations (SoO) groups but it will be checked, Singh said adding that NIA is looking into the cases.
The SoO pact was signed by the Centre, the Manipur government and two conglomerates of Kuki militant outfits – Kuki National Organisation (KNO) and United People’s Front (UPF). The pact was signed in 2008 and extended periodically thereafter.
The violence between Imphal Valley-based Meiteis and adjoining hills-based Kuki-Zo groups, besides inflicting heavy casualties, rendered thousands of people homeless since May last year.
It started after a 'Tribal Solidarity March' was organised in the hill districts to protest against the Meitei community's demand for Scheduled Tribe (ST) status.
Meiteis account for about 53 per cent of Manipur's population and live mostly in the Imphal Valley. Tribals -- Nagas and Kukis -- constitute little over 40 per cent and reside in the hill districts.
