Why is Corona's new variant Omicron having a bad effect on the stock market?
The threat of Omicron's new variant of Corona is now visible on businesses around the world. Global markets are under pressure due to the first death due to Omicron in the UK as well as the first case being reported in China. This also affected the Indian markets and on Tuesday, the domestic stock market opened in a bad condition.
The BSE Sensex broke nearly 400 points as soon as the session opened. NSE's Nifty also opened in red mark. As soon as the trading started in Nifty, there was a big drop of about 100 points and it came down to 17,300 points.
On the other hand, selling of FPI is visible in the domestic market. On Monday, FPIs pulled out Rs 2,743.44 crore from the domestic market. Though DIIs continue to be buyers, their buying of Rs 1,351.03 crore is very less in comparison to the selling of FPIs.