Omicron concerns subdue equity markets; power stocks fall

Rising domestic Omicron cases subdued India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Friday's late-after trade session. Initially, both the indices opened with an upgap, but fell thereby. Globally, Asian stocks were mixed after failing to harness a tailwind from the US.

Rising domestic Omicron cases subdued India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Friday's late-after trade session. Besides, the continuous selling by FIIs also dampened investors' sentiment.

Initially, both the indices opened with an upgap, but fell thereby.

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Globally, Asian stocks were mixed after failing to harness a tailwind from the US.

On the domestic front, volumes in the traditional holiday period remained low.

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Among sectors Realty, Power, Oil & Gas, Capital Goods, Banks and Auto indices have lost the most whereas IT and FMCG index have gained the most.

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Consequently, at 2.40 p.m., the S&P BSE Sensex traded at 57,268.18 points, inched down by 0.082 per cent from its previous close. Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) rose to 17,051.20 points, down 0.13 per cent from its previous close.

"Nifty is still flat vis a vis last week after seeing losses initially and then a rise during the week," said Deepak Jasani, Head of Retail Research, HDFC Securities.

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According to Gaurav Garg, Head of Research, CapitalVia Global Research: "Despite positive sentiments from other Asian markets, the Indian equity shares trading low as Omicron cases in India recorded more than double from last week."

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"Our research suggests that the levels of 56,800 may act as important levels in the market. If the market sustains the levels of 56,800, we can expect the market to trade in the range of 56,800-57,200."

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