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Omicron triggers Monday market mayhem; investors lose Rs 10 lakh crore in 10 minutes

In early trade, the market capitalization of BSE-listed companies declined by Rs 10.47 lakh crore to Rs 253.56 lakh crore.
 

Omicron triggers Monday market mayhem investors lose Rs 10 lakh crore in 10 minutes gcw
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New Delhi, First Published Dec 20, 2021, 12:13 PM IST

Within 10 minutes of the market opening, investors lost over Rs 10 lakh crore in market worth as benchmark indices collapsed in line with global counterparts, threatening the global recovery amid mounting Omicron instances. In early trade, the market capitalization of BSE-listed companies declined by Rs 10.47 lakh crore to Rs 253.56 lakh crore. In the previous session, the market capitalization was Rs 264.03 lakh crore. The Sensex fell 1,098 points to 55,912 and the Nifty fell 324 points to 16,661. The Sensex's constituents were all trading in the red. The increasing number of cases of Omicron variant at home has also put the Indian market on edge.

On December 19, 2021, India announced the 150th instance of the new COVID-19 strain. The country's Omicron count increased to 153 after discovering ten new illnesses in Maharashtra and Gujarat. The Indian market then extended its losses, with the Sensex dropping roughly 1,300 points. At 10:15 am, the Sensex had down 282 points to 55,729, while the Nifty had fallen 392 points to 16,592. The market capitalization of BSE-listed companies declined by Rs 11.31 lakh crore to Rs 252.72 lakh crore.

The India VIX increased 13.52 per cent to 18.55 from its previous closing of 16.34, suggesting increased volatility in the Indian market. Asian stock markets fell alongside Wall Street as investors worried about the newest form of the coronavirus and tighter Federal Reserve policies. The S&P/ASX 200 in Australia was trading 19 points down at 7,284. The Nikkei fell 613 points to 27,931, while the Shanghai Composite fell 31 points to 3,601. The Hang Seng index dropped 340 points to 22,851. The S&P 500 plummeted 48 points to 4,620, the Nasdaq sank 10 points to 15,169, and the Dow Jones fell 532 points to 35,365.

Also Read | WHO says Omicron now present in at least 89 countries, spreading faster than Delta

According to the World Health Organization, the omicron variant of the coronavirus has been found in 89 countries, and COVID-19 cases including the variant are doubling every 1.5 to 3 days in areas with community transmission rather than only illnesses acquired overseas. It went on to say that because Omicron has a "substantial growth advantage" over the delta variation, it is expected to displace delta as the main form of the virus in nations where the new variety is spreading locally.

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