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Closing bell: Sensex drops 1,190 points; Nifty settles at 16,614; BSE firms erase m-cap of Rs 7 lakh crore today

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Closing bell: 47 out of 50 Nifty stocks closed lower. BPCL, Tata Steel, Tata Motors, IndusInd Bank and SBI were among the top Nifty losers. Gainers included Cipla, HUL and Dr Reddy’s Laboratories.

Closing bell: Sensex drops 1,190 points; Nifty settles at 16,614; BSE firms erase m-cap of Rs 7 lakh crore today
The 30-scrip BSE index Sensex ended 1,189.7 points or 2.1 percent lower at 55,822 and the broader Nifty50 benchmark settled at 16,613.7, down 371.6 points or 2.2 percent from its previous close on Monday as concerns over the impact of surging Omicron cases across the world spooked investors, triggering an intense selloff in global equities.
The BSE companies erased market cap of  Rs 7 lakh crore today and Rs 12 lakh crore in last two days. The overall market cap of BSE companies slipped to the levels seen in early September.
Sensex, Nifty and midcap index ended at 4-month closing lows, while Nifty bank ended at 5-month low. All sectoral indices finished in the red while volatility index surged 16 percent.
47 out of 50 Nifty stocks closed lower. BPCL, Tata Steel, Tata Motors, IndusInd Bank and SBI were among the top Nifty losers. Gainers included Cipla, HUL and Dr Reddy’s Laboratories.
Nifty Bank dropped 1,179 points to 34,440 and midcap index fell 1,101 points to 28,838.
Except  a few pharma stocks, most F&O stocks closed with huge cuts.
According to experts, exploding COVID-19 cases, sustained selling by foreign institutional investors and slowing growth momentum in the developed economies have spooked markets the world over.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses. Stock exchanges in Europe too were trading deep in the red in mid-session deals. Meanwhile, international oil benchmark Brent crude tumbled 3.51 percent to $70.94 per barrel.
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