Sensex crashes above 900 points, Nifty ends below 17,000 because of fear of Omicron
India’s share benchmark collapsed on Monday as investor sentiment was dampened by increased cases of the Omicron variant over the weekend. The Sensex dropped more than 1,000 points and the Nifty 50 index quickly dipped below the key psychological level of 16,900. India has reported 21 cases of the Omicron variant so far – 9 in Rajasthan, 8 from Maharashtra, 2 from Karnataka (including a South African man who “flew” to Dubai) , and each case in Gujarat and Delhi.
The Sensex fell 949 points, or 1.65%, to close at 56,747 and the Nifty 50 index fell 284 points, or 1.65%, to close at 16,912.
“If the market fails to sustain the 16,800 market levels, we will see a further correction in the market until the 16,400 level. Technical indicators showing volatility in the market advise traders should not build new long positions. Vijay Dhanotiya, senior research analyst at CapitalVia Global Research said.