Mumbai: Equity benchmark Sensex dropped over 200 points in early trade Wednesday, tracking losses in index majors Infosys, TCS and HDFC amid a mixed trend in global markets.
The 30-share index slumped 212.65 points or 0.37 per cent to 57,904.44 in the opening trade. Similarly, the Nifty fell 67.55 points or 0.39 per cent to 17,257.35.
Tech Mahindra was the top loser in the Sensex pack, shedding over 1 per cent, followed by Infosys, TCS, Bajaj Finance and HCL Tech.
On the other hand, NTPC, Kotak Bank, PowerGrid, M&M and Axis Bank were among the gainers.
In the previous session, the 30-share equity benchmark declined 166.33 points or 0.29 per cent to end at 58,117.09, and Nifty fell 43.35 points or 0.25 per cent to 17,324.90.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 763.18 crore Tuesday, according to stock exchange data.
The Omicron variant, now in 77 countries, is confirmed to be far more infectious than the now dominant Delta variant. But there is no clarity yet on how virulent Omicron would turn out, said VK Vijayakumar, Chief investment Strategist at Geojit Financial Services.
“In the coming days markets are likely to be impacted more by the message from the US Fed. If the Fed turns more hawkish and indicates 2 rate hikes in 2022, that would be negative for the markets which had factored in one rate hike and faster tapering of the asset purchases.
“But the Fed is unlikely to sound hawkish in the context of the uncertainty triggered by Omicron. Markets are likely to consolidate around 17,350 Nifty levels,” he noted.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong were trading with gains in mid-session deals, while Seoul was in the red.
Stock exchanges on Wall Street ended on a negative note in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.95 per cent to USD 73 per barrel.