WHO warned that the Omicron variant poses ‘very high’ global risk and is likely to spread. On the other hand, doctors treating Omicron patients said the symptoms are milder than the Delta variant, which made many hopeful that it may not be as deadly as the previous one.
The 30-share pack Sensex rose 153.43 points or 0.27 per cent to close at 57,260.58. The index gyrated in nearly 1,250-point range. Its broader peer NSE Nifty plunged 27.50 points or 0.16 per cent to 17,053.95.
Equity investors’ wealth, reflected by the total market cap of BSE-listed companies, eroded by Rs 1.38 lakh crore to Rs 256.93 lakh crore.
“Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signalling an end to the low tariff regime,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Kotak Bank gains 2% after LIC gets approval to raise stake
- RIL adds 1% after Jio announces 20% price hike for prepaid
- Paytm shares slump over 4% as Q2 loss widens
- Travel based stocks continue to see selling on virus concerns
- India VIX, measure of volatility, continues to trade at elevated levels
Among the bluechip names, Kotak Mahindra Bank was the top gainer, rising 2.38 per cent. HCL Tech, HDFC Life Insurance, Titan, TCS, Wipro, Bajaj Finance and Bajaj Finserv were other gainers.
BPCL was the top loser in the Nifty pack, falling 2.56 per cent. Sun Pharma, Adani Ports, UPL, NTPC, ONGC, Indian Oil, Axis Bank, Hero MotoCorp and Shree Cements were others that ended in the red.
“We expect choppiness to remain high citing the prevailing uncertainty around the new COVID variant. We reiterate our cautious stance and suggest preferring hedged positions.”
Broader market indices closed lower, underperforming their headline peers. Nifty Smallcap dropped 2.61 per cent and Nifty Midcap plunged 1.35 per cent. Nifty 500, the broadest index on NSE, ended down 0.35 per cent.
AstraZenaca, JK Lakshmi Cement, JB Chemical and Pharma, Pfizer, Alkem Laboratories and Ipca Labs were top gainers from the mid and smallcap indices, climbing in the range of 2-8 per cent.
Tata Power, Ashok Leyland, RBL Bank, Lux Industries, IDFC and Tanla Platforms were major losers from broader market space, falling in the range of 9-10 per cent.
Barring Nifty IT and Nifty Financial Services that ended in the green, all sectoral indices on NSE traded with cuts. Nifty Media was the biggest loser, down 2.04 per cent. Nifty PSU Bank also fell over 2 per cent.
Market breadth was in favour of losers as 966 stocks ended higher, while 2,435 names settled with cuts. As many as 243 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 91 names hit 52-week lows, mostly from the microcap space. About 350 stocks hit upper circuit limits and 435 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.96 per cent while Paris and Frankfurt advanced 0.92 per cent and 0.53 per cent, respectively. In Asia, barring Indonesia that gained 0.71 per cent, all markets closed in the red.
