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HomeMoneyStock market recovers after initial fall, banking stocks fall

Stock market recovers after initial fall, banking stocks fall

Highlights

  • The stock market was shocked by the growing outbreak of Omicron
  • The stock market opened with a fall on Monday
  • But as the day progressed, the pace returned.
  • Banking stocks fell the most

Mumbai
Fears of restrictions due to the new variant of the corona virus Omicron had an adverse effect on investor sentiment and the major stock index Sensex fell over 400 points in early trade on Monday. During this period, weakness was seen in big stocks like Reliance Industries, Infosys and HDFC Bank.

However, it showed improvement as the day progressed. At 11.30 am, the Sensex was trading at 57149 points with a gain of 25 points. Nifty also rose by 3.45 points to 1707.20 points. Earlier, the 30-share index was down 444.83 points or 0.78 per cent at 56,679.48 in early trade. Similarly, the Nifty fell 128.40 points or 0.76 per cent to 16,875.35.

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Which stocks fell?
IndusInd Bank was the biggest loser of 4 per cent in the Sensex. Apart from this, Bajaj Finance, Asian Paints, Bajaj Finserv, Maruti and Tata Steel were also in the loss. On the other hand, POWERGRID, M&M, Dr Reddy’s and HDFC Gains were in the green.

In the previous session, the Sensex closed 190.97 points or 0.33 per cent lower at 57,124.31, while the Nifty lost 68.85 points or 0.40 per cent to end at 17,003.75. Foreign institutional investors (FIIs) sold shares worth Rs 715 crore on a gross basis on Friday, according to provisional stock market data. Meanwhile, international oil benchmark Brent crude was up 0.40 per cent at $76.09 per barrel.

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