Sensex, Nifty slide 1.65% as Omicron raises uncertainty
The Hindu
‘Volatility to continue as RBI policy, virus variant hold sway’
Benchmark equity indices slumped 1.65% on Monday on fears of a rapid spread of the Omicron variant of the coronavirus and its potential adverse impact on the economy. Technology, automotive and pharmaceutical stocks were the worst hit, while all sectoral indices ended in the red.
The BSE S&P Sensex slid 949.32 points to 56,747.14 as all 30 stocks on the index ended with losses. The NSE Nifty 50 index fell 284.45 points to 16,912.25.
“Ambiguity surrounding Omicron continued to dent the morale of domestic investors ahead of the important RBI policy announcement on Wednesday,” said Vinod Nair, head-research, Geojit Financial Services.
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Japan's SoftBank Group said Saturday it plans to build a huge new gas-fired power plant in the US state of Ohio
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Global equity markets plummet as West Asia tensions rise and oil prices surge, triggering significant investor anxiety.
The rupee hits a record low of 93.94 against the dollar amid foreign fund outflows and a crashing equity market.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.