Sensex swings over 1,200 pts; rupee weakens to below 75 on Omicron concerns

The 50-share Nifty after dropping to a low of 16,782 managed to close at 17,053.95, with a gain of 27.5 points, or 0.16%

The domestic markets regained some ground on Monday, following their worst decline in seven months, as investors assessed the threat of the new coronavirus variant Omicron. The gains were capped as the impact of the new variant on the economic recovery and central bank policy action remained uncertain.

The rupee, on the other hand, slipped 18 paise to close at a five-week low of 75.07 against the dollar as fresh worries over the new coronavirus variant weighed on already weak investor sentiment. At the interbank foreign exchange market, the local currency opened at 74.84 and witnessed an intraday high of 74.82