INSUBCONTINENT EXCLUSIVE:
Indian equity benchmarks nosedived on Friday with the benchmark S-P BSE Sensex
falling more than 1,400 points and Nifty 50 index dropping below its important psychological level of 17,100 on weak global cues after
investor sentiment was dented by detection of a new and possibly vaccine-resistant coronavirus variant
Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys and State Bank of India were among the top drags on
the Sensex.Asian stocks suffered their sharpest drop in two months on Friday after the detection of a new and possibly vaccine-resistant
coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar.MSCI's broadest index of Asia-Pacific
shares outside Japan fell 1.3 per cent, its sharpest drop since September
Casino and beverage shares sold off in Hong Kong, and travel stocks dropped in Sydney.Japan's Nikkei skidded 2.5 per cent and United
States crude oil futures fell nearly 2 per cent as well amid fresh demand fears.As of 11:00 am, the Sensex dropped 1,408 points to 57,315
and Nifty 50 index tumbled 426 points or 2.43 per cent to 17,110.Selling pressure was broad-based as all the 19 sector gauges compiled by
the BSE were trading lower led by the S-P BSE Realty index's over 5 per cent decline
Auto, Metal, Consumer Durables, Oil - Gas, Power, Industrials, IT, Telecom, Banking and Finance indices also fell between 2-3.5 per
cent.Mid- and small-cap shares were also facing selling pressure as S-P BSE MidCap index dropped 2.72 per cent and S-P BSE SmallCap index
declined 2 per cent.In the Nifty 50 basket of shares, 44 were trading lower led by ONGC's 2.74 per cent decline
Maruti Suzuki, Kotak Mahindra Bank, Tata Motors, Hindalco, JSW Steel, Tata Steel, Bajaj Finance, HDFC, Grasim Industries, Titan, Mahindra -
Grid and Coal India were among the notable gainers.The overall market breadth was extremely negative as 2,192 shares were declining while
896 were advancing on the BSE.
