Sensex loses nearly 500 points as global markets sold off in the wake of new Covid-19 variant

Sensex Share Market has been negative today due to the new variant of COVID-19 called Delta Variation. The new variant was found in several countries and has made investors take a good amount of money out of the stock market. The benchmark 30-stock index fell 485.82 points to 52,568 while the Nifty fell 151.75 points to 15,727. The Sensex suffered heavy losses as Tata Steel fell 2.30 percent followed by Sun Pharma, SBI, ICICI Bank, Dr Reddy’s, Kotak Bank and HUL. These stocks were trading at the higher level previously, but now it has been a bit difficult for the market to go higher.

Buoyed by strong fundamentals, all 24 Sensex shares rose 1.32%. Of the 30 shares, 13 Sensex shares were in the red. The BSE small-cap and mid-cap indices fell 83 points and 23 points, respectively. Banks and metals were the main losers today, with the banks and metals indices falling 562 and 463 points, respectively. The cause of the losses was a combination of global concerns about the health of large European banks following the recent drop in share prices. The BSE Sensex and Nifty are also concerned about Greece’s future in the eurozone and the ongoing recession.

Wall Street is falling as a new report says the US central bank is considering halting or curtailing bond purchases that have helped prop up the US economy. Meanwhile, in Japan there has been a spike in recent cases of a deadly medical virus that can cause respiratory problems and kidney failure, prompting the government to announce emergency measures.

Asian stocks and Tokyo markets lost value after a strong start today. The Shanghai Composite Index is at 3,525.50 shedding 0.8%. Hang Seng in Hong Kong is at 27,153.13 shedding 2.9%.

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