There was a bloodbath on Dalal Street on Monday as multiple headwinds hit global and domestic investors alike. The sharp surge in Omicron-based Covid-19 cases, especially in the UK and other European countries, hawkish policy stances of global central banks, and worries of a slowdown in economic recovery spoiled investors’ mood.
In intra-day deals, the 30-pack Sensex index plunged over 1,300 points to hit a four-month low of 55,651. The broader Nifty50, on the other hand, breached below the 16,600 level and hit a low of 16,567.
The market breadth was extremely paltry with five stocks declining for every one stock that advanced on the BSE.
That said, analysts expect the downtrend to be arrested soon and steep correction will lead to value buying at lower levels.
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“The negative sentiments are unlikely to last long. Omicron variant, though fast spreading, has not proved to be highly virulent as feared. Also, FIIs will turn…
