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.
Rupee Firms Up 16 Paise To 75.90 Against USD On Easing Crude Prices
The rupee notched up gains for a third straight session on Monday, rising further by 16 paise to settle at 75.90 (provisional) against the US dollar as easing crude oil prices revived an otherwise lacklustre sentiment.
Massive sell-offs in domestic equities, sustained foreign fund outflows and concerns around Omicron variant of coronavirus were a host of factors restricting rupee gains, forex traders said.
Starting off on a tepid note, the rupee weakened to a low of 76.16 before staging a recovery. It hit the day's high at 75.83 against the dollar, before closing at 75.90, clocking a gain of 16 paise.
Last week, the local unit recorded its fourth weekly decline amid growing concerns over the Omicron variant of coronavirus.
Experts, however, are of the view that as major events of the year are almost done, forex markets may stay calm in the coming week.
Meanwhile, the US dollar index, which measures the greenback's strength against the basket of six currencies, rose 0.05 per cent to 96.61.
Brent crude futures, the global oil benchmark, fell 2.23 per cent to USD 71.44 per barrel.
On the domestic equity market front on Monday, the BSE Sensex crashed 1,189.73 points or 2.09 per cent at 55,822.01, while the broader NSE Nifty plunged 371 points or 2.18 per cent to 16,614.20.
Foreign institutional investors continued to offload shares in the capital market on Friday, as they sold equities worth Rs 2,069.90 crore, exchange data showed.
Gold Declines Rs 142; Silver Tanks Rs 615
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 USD 1,799 per ounce and silver was flat at USD 22.30 per ounce.
"Gold prices traded firm with spot gold prices at COMEX trading at USD 1,799 per ounce on Monday," he added.