Markets wilt for 2nd day as fresh Covid worries spook investors

MUMBAI: The Sensex slumped 635 points while the Nifty finished below the 18,200-mark on Wednesday as surging Covid cases in China and concerns over renewed outbreaks in other countries sapped risk appetite.

Three cases of Omicron subvariant BF.7, apparently the strain driving China’s current surge of Covid cases, have been detected in India so far, official sources said.

Different sets of data modelling indicate that China could be facing a massive death toll after it lifted its stringent zero-COVID policy.

Declining for the second straight day, the 30-share BSE benchmark Sensex tumbled 635.05 points or 1.03 per cent to settle at 61,067.24. The broader NSE Nifty declined 186.20 points or 1.01 per cent to end at 18,199.10.

IndusInd Bank was the biggest laggard in the Sensex pack, shedding 2.28 per cent, followed by Maruti Suzuki, UltraTech Cement, Bajaj Finserv, ICICI Bank, Tata Motors and Axis Bank.

Sun Pharma topped the index gainers’ chart with a jump of 1.67 per cent. HCL Technologies, Tech Mahindra, TCS, Nestle India, Wipro and Infosys were the other winners, climbing as much as 1.01 per cent.