Nifty50 declines as sales increase and oil prices rise; Nifty Bank declines 1.4%
By Malvika Gurung
Investing.com – The market appears to be losing its luster after opening higher for the fourth consecutive time on Friday, as benchmarks and the 30-srip then slipped into the red.
At 12:24 p.m., Nifty50 was trading down 0.57% and Sensex 0.5%, supported by massive sell-offs across most sectors, led by bank stocks and index heavyweights like Trusted industries (NS :). Even the larger indices have been pushed red.
At 12:27 p.m., sector indices were trading down 1.24%, down 2.13%, Nifty Realty down 1.23% and down 0.78%. Even the bullish performance of the index supporting the market on Friday slipped 0.57%.
Investors have become cautious about the gradual increase in Omicron cases in India and are evaluating the economic effect of the new variant on the economy. In addition to the looming threat of a pandemic, rising oil prices have further weakened market sentiment.
prices climbed to a one-month high and gained 4% this week, according to a CNBC report. As global markets appear to be pushing back the virulence of the Omicron versus the Delta variant, the risk appetite in the equity markets has increased, leading to a surge in oil prices, which had faltered in recent days.
The price rose 0.97% to $ 74.06 / bbl, after falling to $ 68.72 / bbl four days ago, while futures were trading at $ 76.52 / bbl, against $ 71.63 / bbl as of December 20, at the time of writing.