NEW DELHI: Equity indices are witnessing extreme selling pressure since early trade on Monday with both the benchmark indices plunging over 2 per cent each.
At 12.05 pm, the 30-share BSE index was down 1,428 points or 2.51 per cent at 55,583. While the broader NSE Nifty was trading 435 points or 2.56 per cent lower at 16,550.
Bajaj Finance, Tata Steel, IndusInd Bank, SBI, Axis Bank and NTPC were the major losers in the sensex pack falling as much as 5.02 per cent. Twenty-eight out of 30 stocks were in red.
Whereas, Dr Reddy's and HUL were the only stocks trading in green.
On the NSE platform, all sub-indices were trading in red with Nifty Realty, PSU Bank, Private Bank falling the most.
Both sensex and Nifty have now declined over 10 per cent from their record highs in October.
According to experts, rising cases of Omicron variant poses a threat to global economic recovery.
Besides, continuous sell-off by foreign institutional investors (FIIs) have also spooked investor sentiments.
"The tempo got broken when the U.S. Federal Reserve changed its stance along with other global central banks last week. The Omicron variant is also troubling the markets as its transmission is higher than other variants," Saurabh Jain, assistant vice president at SMC Securities told news agency Reuters.
"The fall is also a result of continuous selling by foreign institutional investors. The rollback of liquidity by central bankers will have some kind of repercussions," he added.
Investors have lost by Rs 11,23,010.78 crore in two days as domestic equity market continued to face severe drubbing amid a global selloff.
On Friday, they had lost more than Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors.
Meanwhile, shares of Future Group companies surged about 20 per cent after the country's antitrust agency suspended Amazon's 2019 deal with the group, potentially making it easier for Reliance Retail to buy Future's retail business.
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