Sensex, Nifty fall on inflation worries; Omicron concerns persist

Benchmark stock market indices fell sharply on Friday as investors were spooked by Omicron's rapid spread and rising global inflation.

Indian shares posted broad-based declines on Friday, pressured by foreign fund outflows, and as global central banks took a hawkish stance and warned of surging inflation.

The NSE Nifty 50 index fell 1.53% to 16,985.20 and the benchmark S&P BSE Sensex dropped 1.54% to 57,011.74. Both the indexes shed nearly 3% this week after two consecutive weeks of gains.