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Bears kept a tight grip on the domestic markets with benchmark indices trading in deep red during the afternoon on Monday amid heavy selling.
Market opened on a negative note amid bearish global cues and slumped further in the first half, witnessing heavy selling across the board. Relentless FII selling and rising Omicron cases continue weighing on investor sentiments.
At 1pm, the BSE Sensex was trading at 55,287.94, down 1723.8 points or 3.02 per cent, near the day's low of 55,132.68. It recorded an intraday high of 56,538.15. The Nifty 50 was trading at 16,452.15, down 533.05 points or 3.14 per cent. It recorded an intraday high of 16,840.10 and a low of 16,410.20.
The volatility index jumped 21.40 per cent to 19.84.
Only one stock- Cipla was trading in the green on the 50-share index Nifty 50. Tata Motors, BPCL, Bajaj Finance, IndusInd Bank and Tata Steel were the top losers.
Further, rising inflation, Omicron concerns, US Fed's unwinding of stimulus, input cost pressure for companies and lack of positive news are impacting market sentiment.
Parth Nyati, Founder. Tradingo said, "Indian equity markets are witnessing sharp correction on the back of rising worries of omicron, hawkish global central banks, and most importantly relentless selling by FIIs."
"We are seeing the first meaningful correction in the current bull run and this correction has completed more than 10 per cent from highs," added Nyati.
All in red
All sectoral indices were in the red with realty, media, financials, auto, metals and oil & gas witnessing increased pressure.
Nifty Realty was down over 6 per cent while Nifty Media and Nifty PSU Bank were down over 5 per cent each.
Nifty Metal was down nearly 5 per cent. Nifty Bank, Nifty Private Bank, Nifty Auto and Nifty Oil & Gas were down over 4 per cent.Nifty Financial Services was down nearly 4 per cent.
Broader indices in red
The heavy selling extended to broader market with broader indices trading in red.
The Nifty Midcap 50 and Nifty Smallcap 50 were down nearly 5 per cent each. The S&P BSE Midcap and the S&P BSE Smallcap were trading over 4 per cent lower, each.
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