Sensex Crashes 1500 Points As Omicron Spoils Christmas Party, Investors Lose Rs 7 Lakh Crores

Benchmark indices were trading sharply lower as worries over the Omicron virus continued to play on the mind of investors. The Sensex was last seen trading lower by 1500 points, while the Nifty dropped 490 points. The Sensex fell below the 56,000 points mark, while the Nifty dropped below the 16,700 points mark.

Rising inflation and a hawkish central banks, along with exploding Covid cases caused by the Omicron variant, particularly in Europe led to selling pressure. Investors remained worried over the likely closure of many countries in Europe and its deepening impact on the markets.

Banking stocks were seeing sharp cuts with the Bank Nifty down more than 4%. Among the Nifty stocks that fell were BPCL, which dropped more than 4%, Tata Steel fell 3.72%, while Bajaj Finance and Tata Motors were among the losers in trade.

Shares in Shriram Properties which listed today fell almost 20% in trade, following its listing. Markets are expected to be increasingly volatile in the coming days.

Investors will be watching the data emerging from the omicron virus in the coming days. Should there be an inceasing number of cases we could see a sharp reaction in the markets. Investors are advised to stay away unless clarity emerges on the omicron front.