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Sensex nosedives 1,688 points amid global selloff; Nifty sinks below 17,100

IndusInd Bank was the top loser in the Sensex pack, tanking over 6%, followed by Maruti, Tata Steel, NTPC, Bajaj Finance, HDFC and Titan.

Equity benchmark Sensex plummeted 1,688 points on Friday, tracking a massive selloff in global markets as concerns over a new COVID-19 variant spooked investors across the world.

The 30-share index ended 1,687.94 points or 2.87% lower at 57,107.15. Similarly, the NSE Nifty plunged 509.80 points or 2.91% to 17,026.45.

IndusInd Bank was the top loser in the Sensex pack, tanking over 6%, followed by Maruti, Tata Steel, NTPC, Bajaj Finance, HDFC and Titan.

On the other hand, Dr. Reddy’s and Nestle India were among the gainers.

Markets saw sharp correction this week amid renewed concerns pertaining to COVID-19. Sensex and Nifty declined close to 4% this week and are down around 8% from their highs, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“The new variant of COVID-19 is presenting challenges in the form of lockdowns and travel bans. Apart from COVID-related concerns, inflation remains a worry for countries across the globe. FIIs have been net sellers this week. Equity markets in the near term will closely follow the impact of new COVID variant, inflation data, and central bank policies,” he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo sank as much as 2.67%.

Stock exchanges in Europe too plunged up to 3.51% in mid-session deals.

Meanwhile, international oil benchmark Brent crude tanked 5.62% to $77.60 per barrel.

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