Chaos at Dalal Street: Sensex and Nifty is 7 months low

Bombay Stock Exchange sensex and National Stock Exchange Nifty is at 7 months low today and it fell around 1650 and 509 points respectively. The benchmark indices fell around 3% on Friday as concerns were mountered over the new covid variant. This is second time this week that the indices have lost around 2%. The markets are currently falling down due to various reasons. Whether it may be rising covid cases in Europe and other places and its impact on the entire world economy or a new covid strain found in South Africa has raised many concerns in India related to health and safety and it has shook the markets. IndusInd Bank was the top loser in the sensex falling as much as 6.01% which was followed by Maruti, Tata Steel, NPTC, Bajaj Finance, HDFC as other losers in the market. Where as for National Stock Exchange , indices Nifty Realty, Metal, PSU Bank, and Auto fell as much as 6.26%. Investors started to sell of risky shares after a new and possibly vaccine-resistant coronavirus variant was identified in South Africa. Even though not much is known about the new variant yet but it is detected in South Africa, Botswana, Israel and even Honk Kong. This variant is an unusual combination of mutations and there is a fear that this variant may start to spread in other countries also which leads to rise in fear of fresh lockdown and restrictions. The new covid variant may have the potential to hamper the recovery process of recovery of economy after 2 years of lockdown. Many changes are to be expected in the market due to Inflation and new Covid Variant.