Wednesday, Aug 10, 2022
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Sensex Plunges 1,190 Points, Gold Declines Rs 142 On Omicron Scare

The 30-share index slumped 1,189.73 points or 2.90 per cent to end at 55,822.01. Similarly, the NSE Nifty tanked 371 points or 2.18 per cent to 16,614.20.

Equity benchmark Sensex plunged 1,190 points on Monday as concerns over the impact of surging Omicron cases across the world spooked investors, triggering an intense selloff in global equities.

The 30-share index slumped 1,189.73 points or 2.90 per cent to end at 55,822.01. Similarly, the NSE Nifty tanked 371 points or 2.18 per cent to 16,614.20.

Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC.

On the other hand, HUL and Dr Reddy’s were the gainers.

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 per cent to $70.94 per barrel.

Meanwhile, Gold in the national capital on Monday declined by Rs 142 to Rs 47,480 per 10 gram amid rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal settled at Rs 47,622 per 10 gram.

Silver also moved lower by Rs 615 to Rs 60,280 per kg from Rs 60,895 per kg in the previous trade.

"Spot gold prices for 24 carat at Delhi fell by Rs 142 pressured by rupee appreciation," HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.

In the international market, gold was trading marginally up at $1,799 per ounce and silver was flat at $22.30 per ounce.

"Gold prices traded firm with spot gold prices at COMEX trading at $1,799 per ounce on Monday," he added.

 

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