Market Friday, Dec 6 Updates: HDFC Bank, Maruti Suzuki India, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Asian Paints, Infosys and Mahindra & Mahindra were all trading in red.
New Delhi | Jagran Business Desk: The BSE Sensex on Monday dropped by 199.77 points to open at 57,496.69 in the opening session, day after India reported 17 new cases of the Omicron variant of the deadly COVID-19 infection. Similarly, Nifty slipped by 29.80 points to open at 17,166.90.
HDFC Bank, Maruti Suzuki India, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Asian Paints, Infosys and Mahindra & Mahindra were all trading in red. On the other hand, Larsen & Toubro, HUL, Tata Steel and Ultratech Cement were trading in green.
The poor show of the stock market could be blamed on the Omicron strain that continues to spread across the United States (US), Europe, South Africa and other parts of the world. On Sunday, India also reported 17 new cases of the Omicron variant, taking the country’s tally to 21 that could have sparked fears among the investors.
Experts believe that the stock market could see a further dip in the next week as countries reimpose travel restrictions due to Omicron.
“The near term trend of Nifty continues to be down and the recent pullback rally of a down trend seems to have completed. There is a possibility of further weakness down to 16800 levels by next week. Immediate resistance is placed at 17300-17350 levels,” Financial Express quoted Nagaraj Shetti, Technical Research Analyst at HDFC Securities, as saying.
Meanwhile, Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, said: “The latter is unlikely to be market-moving since MPC is likely to continue with the accommodative stance and status quo on policy rates. The market-moving factor will be the news regarding Omicron”.
Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading with losses in mid-session deals, while Shanghai and Seoul were positive. Meanwhile, international oil benchmark Brent crude rose 1.99 per cent to USD 71.27 per barrel.
