Stocks across the board, barring the IT sector, witnessed significant selling pressure in trades on Friday as unwinding of global stimulus packages dented sentiment.
The BSE Sensex tanked to a low of 56,951, and evenutally settled with a heavy loss of 889 points at 57,012.
Index heavyweight Reliance Industries plunged 2.6 per cent to Rs 2,341, and alone accounted for a loss of 176 points on the BSE benchmark.
IndusInd Bank was the biggest per centage loser among the Sensex 30, down 4.7 per cent.
SBI, Axis Bank, Mahindra & Mahindra, Bharti Airtel, ITC, Maruti and Tata Steel were the other major losers.
The stock was was at its highest level since 1994, and in the past 21 months, the stock price of zoomed a whopping 1,874 per cent from levels of Rs 20.50.
The Energy, Bankex and Auto indices were all down over 2 per cent each.
LIVE market updates: The key benchmark indices has recovered some of its losses in mid-noon deals.
The broader markets have also recouped notable losses.
In the broader markets, Go Fashion slipped 8 per cent to Rs 1,051.25, and was trading lower for the fifth straight day, having fallen 13 per cent during the period.
The Nifty50, on the other hand, gave up the 17,000 level in intra-day deal for the first time since December 7.
Adding: “Keeping inflation in check is imperative given that the country is already facing the threat of a major spread of the Omicron variant of COVID19.
Individually, the shares of Wipro and Infosys gained 2.5 per cent each while HCL Tech, Tech M, and TCS added up to 2 per cent on the NSE.
LIVE market updates: Domestic equities may witness another subdued trading session given tthe uncertainty surrounding the Omicron variant.
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