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Nifty50 Drops As Sell-Offs Rise and Oil Prices Surge; Nifty Bank Declines 1.4%

Published 24-12-2021, 12:47 pm
© Reuters.

By Malvika Gurung

Investing.com -- The market appears to be losing sheen after opening higher for the fourth consecutive on Friday, as the benchmark indices Nifty50 and the 30-scrip BSE Sensex thereafter slipped in red. 

At 12:24 pm, Nifty50 was trading 0.57% lower and Sensex 0.5%, backed by major sell-offs across most sectors, led by banking stocks and index heavyweights like Reliance Industries (NS:RELI). Even the broader indices were pushed to red.

At 12:27 pm, sectoral indices Nifty Bank was trading 1.24% lower, Nifty PSU Bank declined 2.13%, Nifty Realty dropped 1.23% and Nifty Metal was down 0.78%. Even the optimistic performance of the Nifty IT index supporting the market on Friday, slid 0.57%.

Investors have gotten cautious regarding the gradually increasing cases of Omicron in India, and are weighing the economic effect of the new variant on the economy. In addition to the looming pandemic concern, the rise in oil prices has further dampened the market sentiment.

Crude oil prices have surged up to a 1-month high and have gained 4% this week, states a CNBC report. As global markets appear to brush off the virulence of Omicron in comparison to the Delta variant, the risk appetite of equity markets has risen, leading to surging oil prices, which had wavered in recent days.

The US West Texas Intermediate (WTI) Futures was up 0.97% at $74.06/barrel, after dropping to $68.72/barrel four days back, while the Brent crude futures were trading at $76.52/barrel, from $71.63/barrel on Dec 20, while drafting this report.

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