Omicron concerns subdue equity markets; power stocks fall (Ld)

Mumbai, Dec 24 : Rising domestic Omicron cases subdued Indias key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Fridays late-after trade session.

Besides, the continuous selling by FIIs also dampened investors sentiment.

Initially, both the indices opened with an upgap, but fell thereby.Globally, Asian stocks were mixed after failing to harness a tailwind from the US.On the domestic front, volumes in the traditional holiday period remained low.Among sectors Realty, Power, Oil & Gas, Capital Goods, Banks and Auto indices have lost the most whereas IT and FMCG index have gained the most.Consequently, at 2.40 p.m., the S&P BSE Sensex traded at 57,268.18 points, inched down by 0.082 per cent from its previous close.Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) rose to 17,051.20 points, down 0.13 per cent from its previous close."Nifty is still flat vis a vis last week after seeing losses initially and then a rise during the week," said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Gaurav Garg, Head of Research, CapitalVia Global Research: "Despite positive sentiments from other Asian markets, the Indian equity shares trading low as Omicron cases in India recorded more than double from last week.""Our research suggests that the levels of 56,800 may act as important levels in the market.

If the market sustains the levels of 56,800, we can expect the market to trade in the range of 56,800-57,200."rv/dpb/bg

Omicron concern subdued equity markets, power stocks fal

Deepak Jasani (Head of Retail Research at HDFC Securities) stated that "Nifty remains flat vis-a-vis last week, after experiencing losses initially, and then an increase during the week,"Gaurav Garg Head of Research at CapitalVia Global Research stated that despite positive sentiments on other Asian markets, Indian equity shares traded low, as Omicron case in India registered more than twice the last week.

Our research indicates that 56,800 could be important market levels.We can anticipate the market trading in the 56,800 to 57,200 range if the market continues to maintain levels of 56 800.#Omicron #concerns #subdue #Mumbai #StockExchange #SenSex #Nifty #India #Economy #Mumbai #Bally #Sensex #BSE .