Sensex down 500 points 58283: Nifty falls below 17500

MUMBAI: The benchmark indices of Indian stock markets closed lower on the first day of the week after being extremely volatile. Amicron's growing concerns and the US Federal Reserve's open market committee meeting starting tomorrow were a warning to investors. Profit booking was heading higher. It is almost certain that the Federal Reserve will announce a taper program in the wake of inflation and strong employment in the United States. The continued selling of foreign institutional investors in the Indian market is also hurting the market mood. The Nifty 50 index slipped below the 1500 level. The BSE Sensex crossed the 2000 level intraday. The Sensex closed higher at 208.5 today, lower at 8.30 and finally closed at 6.5. Compared to the previous close, the Sensex was closing at 202.5. The Nifty 50 Index closed at 12.20 above and 17.5 below and finally closed at 12.5. Compared to the last session, the Nifty closed down 13.05 points. Shares of realty, oil and gas and public sector banks fell sharply. With the exception of IT and consumer durables, most sectoral indices closed lower. Market breadth remained positive. On the BSE, 1912 stocks rose while 12 stocks declined. 161 shares remained unchanged.

Bank Nifty down 120 points: Federal, HDFC, SBI decline

In addition to the US Federal Reserve, the ECB, the Bank of England and the Bank of Japan are scheduled to meet this week to announce interest rates and estimates of their country's economy. Any change in interest rates could put pressure on the country's equities market, especially banking stocks, in view of which banking stocks were to be sold. IDFC First Bank lost Rs 01.00 to close at Rs 61.10. SBI was down Rs 2.50 to close at Rs 2.50 and PNB was down Rs 0.50 to close at Rs 20.8. ICICI Bank fell by Rs 0.00 to close at Rs 8.00. Axis Bank rose by Rs 13.5 to close at Rs 303.00. Bandhan Bank fell by Rs 2.50 to close at Rs 4.5.

TVS Motor, Bajaj Auto, Hero Moto Corp continue to sell high.

Auto stocks saw a sell-off in November following reports of weak vehicle sales. Sales of off-road vehicles fell 19 per cent due to a chip crisis that forced production cuts. The chip crisis is unlikely to be resolved in the near future. Two-wheeler protagonist TV Motor fell by Rs 4.5 to close at Rs 4.50. Hero MotoCorp's share price fell by Rs 41.5 to close at Rs 8.00. Mahindra fell by Rs 12.50 to close at Rs 8.10. Tata Motors closed at Rs 209.50 at the top and Rs 6.50 at the bottom and finally closed at Rs 4.5. High headlines saw profitable sales.

Aurobindo, Cadila, Cipla declined while Sun Pharma, Lupine, Biocon rose.

Aurobindo Pharma traded lower by Rs 11.15 to close at Rs 8.50. Cadillac Health closed at Rs 4.5, down Rs 4.5. Cipla fell by Rs 2.50 to close at Rs 71.50. Sun Pharma rose by Rs 1.3 to close at Rs 2.50. Biocon rose by Rs 2.50 to close at Rs 4.50. The spread of new variants of the Corona could again be a boon for pharma-select pharma companies.

Concerns that Omicron's spread will affect demand have led to a sell-off in FMCG stocks

Investors' profits have been booking in stocks amid fears that the rise in Omicron cases could affect demand in the FMCG sector. HUL fell by Rs 4.5 to close at Rs 206.5 on the NSE. Jubilant Food fell by Rs 2.50 to close at Rs 4.5. Godrej Consumer fell by Rs 12.50 to close at Rs 8.10. ITC fell by Rs 1.50 to close at Rs 2.50. Varun Beverages rose by Rs 10.3 to close at Rs 303.50. Dabur rose by Rs 1.10 to close at Rs 2.50.

Sensex heavyweights Reliance, Tata Steel, Larsen, Ultratech Cement fall

The initial correction was washed out by profit-booking at the top of the Sensex stocks. Reliance today closed at Rs 303.5 after hitting a high of Rs 8.10 and a low of Rs 205. The upper headings saw huge profit bookings. Larsen closed lower at Rs 131.40 after a sell-off in the non-profit market. Asian Paints fell by Rs 2.50 to close at Rs 4.50. NTPC lost Rs 0.7 to close at Rs 12.50. Power Grid Corpo. It had gained Rs 1.8 and closed at Rs 206.5.

Waiting for foreign institutional investors and domestic institutional investors

Foreign investors continued to sell in the Indian stock market, while domestic institutional investors remained buyers. FIIs sold goods worth Rs 4.5 crore in cash while domestic investors bought goods worth Rs 121.05 crore. The data shows that foreign investors are withdrawing investment from Indian equities.