Shares trade with steep losses; Nifty near 17,100

The benchmark indices were trading with sharp losses in mid-afternoon trade. Global cues were weak amid renewed COVID-19 fears over a new variant found in South Africa. The Nifty managed to hover above 17,100 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tumbled 1,391.11 points or 2.37% at 57,403.98. The Nifty 50 index tanked 421.10 points or 2.40% at 17,115.15.

In the broader market, the S&P BSE Mid-Cap index dropped 2.55% while the S&P BSE Small-Cap index declined 1.88%.

The market breadth was weak. On the BSE, 1,100 shares rose and 2,178 shares fell. A total of 114 shares were unchanged.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.326% as compared with 6.367% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.88, compared with its close of 74.52 during the previous trading session.

MCX Gold futures for 3 December 2021 settlement rose 1.22% to Rs 48,000.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.31% to 96.47.

In the commodities market, Brent crude for January 2022 settlement fell $3.88 at $78.37 a barrel.

Buzzing Index:

The Nifty Bank index declined 2.83% to 36,307.80. The index lost 3.02% in two trading sessions.

Bandhan Bank (down 8.98%), RBL Bank (down 5.79%), IndusInd Bank (down 5.01%), AU Small Finance Bank (down 4.80%) and IDFC First Bank (down 3.71%) were the top losers in the Bank segment.

Global Markets:

Shares in Europe and Asia plummeted on Friday, 26 November 2021, amid fears over a new variant of COVID-19 that reportedly has multiple mutations.

The US Dow Jones futures skid 900 points, indicating a weak opening in the US market today.

WHO officials on Thursday warned of a new COVID-19 variant that's been detected in South Africa. The new variant called the B.1.1529 is reported to have a significantly high number of mutations, thus leading to alarming public health implications. The United Kingdom temporarily suspended flights from six African countries due to the variant.

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