Sensex Crashes 1400 Points, Over Rs 6.5 Lakh Crore Investor Wealth Lost. How New Covid Variant Is Spooking Share Market

New Delhi: Indian Share market fell sharply today. While BSE Sensex dropped 1,400 points, the Nifty 50 touched a low of 17,160. Similar trends have been noted in the other Asian markets. The news of the new Covid variant has dented the market sentiment. The indexes were already reeling under the pressure of tightening monetary policy by the Federal Reserve, according to a report in Live Mint.Also Read – Sensex Soars Over 400 Points Thanks to These Stocks. Details Here

Tata Motors, ONGC, Hindalco and BPCL are the top losers of the day, according to data on NSE’s website. Tata Motors lost 4 per cent and ONGC lost 3.9 per cent in the early trade, on Friday. In Nifty50, pharma giants like Cipla and Dr Reddy’s are the top losers, according to BSE’s website. Investors lost over Rs 6.5 lakh crore of wealth in the market, according to a report in Economic Times. Also Read – Sensex Jumps 478 Points, Nifty 50 Closes Over 18,000. Top Performing Stocks

Elsewhere, Japan’s Nikkei 500 index is trading below 2,850 points, more than 2 per cent below the previous day. Hong Kong’s HS China 100 index is trading at 7,175, 2.29 per cent less than the day before, according to data available on Bloomberg’s website Also Read – Sensex Plunges Below 60,000, Nifty 50 Tanks Over 180 Points. Here is Why

New Covid Variant Has Spooked Markets

A new Covid variant, which could potentially be more transmissible, has been discovered by cientists in South Africa. Even though the impact on human life is yet to established, the re-imposition of movement restrictions, if any, is likely to hurt economic activity, as per the Mint report.

According to Mint’s report, the new strain, B.1.1.529 has been blamed for a surge in fresh cases in South Africa. New cases have also been detected in Hong Kong.

The WHO is also, reportedly, ‘closely monitoring’ the new variant. It is due to hold a meeting on the variant, today.

US Markets Closed on Thursday

Adding to the worries, is the fact, according to Mint, that US markets were closed for Thanksgiving on Thursday. The trade on Friday is expected to be low. This too can have an accentuated impact on the markets across the globe.

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