Indian shares fell sharply on Tuesday amid heightened risk aversion, as rising COVID case counts in several regions fueled talk of another round of painful lockdowns in China, especially in Shanghai or Beijing.
Close to 30 million people now under some form of movement restrictions in China as authorities struggle to stop the spreading of the highly infectious BA.5 Omicron subvariant of the COVID-19 virus.
A worsening energy crisis in Europe and weak economic data from Germany and the U.K. also added to worries about a recession.
The benchmark S&P BSE Sensex plunged 508.62 points, or 0.94 percent, to 53,886.61, extending losses for a second straight session.
The broader NSE Nifty index ended the session down 157.70 points, or 0.97 percent, at 16,058.30 ahead of retail inflation data scheduled to be released later in the day.
Grasim, Infosys, BPCL, Hindalco and Eicher Motor fell 2-3 percent while state-run utility NTPC topped the gainers list to close 1.4 percent higher.
The rupee plunged to close at a record low of 79.61 (provisional) as the dollar surged in international markets ahead of the release of a highly anticipated U.S. inflation report.
Market Analysis
Sensex, Nifty End Sharply Lower On Risk Aversion
2022-07-12 10:32:07
