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Sensex, Nifty Plunge As COVID Fears Grip Markets; Pharma Stocks Gain
(RTTNews) - Indian shares fell sharply on Wednesday amid fears emanating from a sharp rise in cases of coronavirus in China, South Korea, U.S. and other countries.
Three cases of Omicron subvariant BF.7, apparently the strain driving China's current surge of COVID cases, have been detected in India so far, official sources said.
After conducting a review meeting regarding the COVID-19 spike in other countries, the Union Health Ministry has announced several new rules and regulations to limit the spread of COVID in the country.
The benchmark 30-share BSE Sensex ended the session down 635.05 points, or 1.03 percent, at 61,067.24 while the broader NSE Nifty index settled 186.20 points, or 1.01 percent, lower at 18,199.10.
Adani Enterprises led losses to close 6.2 percent lower while Bajaj FinServ, IndusInd Bank, UltraTech and Adani Ports lost 2-3 percent.
Pharma stocks surged, with Sun Pharma, Apollo Hospitals Enterprise, Cipla and Divis Laboratories climbing 2-5 percent.
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