New Delhi: The wealth of investors fell Rs 5,80,016.37 Crore in two trading sessions until Monday because the stock market continued to face heavy selling on concerns over the omicron variant of Covid-19.
Sensex BSE 30-Share dropped 949.32 points or 1.65 percent to close at 56,747.14 on Monday.
In the previous session, the benchmark had ended 764.83 points or 1.31 percent lower at 57,696.46.
The market capitalization of BSE companies declined by Rs 5,80,016.37 Crore to Rs 2,56,72,774.66 Crore in two days.
“The market dropped sharply and lost more than one and a half percent, in continuation in the fall of Friday.
After a flat start, weak global cues and renewal of the Covid variant just started burdening sentiment,” said Ajit Mishra, VP – Research, Religare Broking Ltd In India, 21 cases of Omicron Covid-19 variants have been reported so far with 17 cases – nine people in the capital of Rajasthan Jaipur, seven in Pune Maharashtra Regency and a man who was fully vaccinated 37 years ago Delhi from Tanzania – reported on Sundays .
According to the Indian medical association, Omicron has proven to be less strong in causing severe infections but certainly five to 10 times more contagious than Delta variants.
All sensex companies end in red.
The Indusind Bank is the largest lambment, falling 3.75 percent, followed by Bajaj Finserv and Bharti Airtel.
In a broader market, the MIDCAP index and Smallcap BSE fell 1.35 percent respectively.
“Concerns over the new Covid variant and the upcoming RBI meeting about interest rates make the market evaporate,” said Siddhartha Khemka, Head – Retail Retail, said Motamal Oswal Financial Services Ltd.