The panic of the new variant of Corona in the stock markets, Omicron, can also be seen this week. The direction of the market will be decided this week by the news related to the new variant of the corona virus. Analysts have expressed this opinion. Last week, this new form of virus has given a blow of Rs 2,62,146.32 crore to 9 out of the top 10 companies of the Sensex. Except Bharti Airtel, there has been a huge fall in the market cap of Reliance Industries, TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, HDFC, SBI, Bajaj Finance last week.
On Friday, global markets fell due to news related to ‘Omicron’, the more rapidly spreading form of corona virus and Indian markets were also not untouched by it. Santosh Meena, Head of Research, Swastika Investmart said, apart from the revamp of Kovid, the stance of foreign institutional investors and macro data will decide the direction of the market this week. The developments related to COVID will primarily be important for the market.
Also read: Omicron, the new variant of Corona, increased the concern of the central to the state governments, review will be done today, read all the updates so far
Apart from this, the eyes of the market will also be on how effective the various vaccines of Kovid are against this new form. Yesha Shah, Head of Equity Research, Samco Securities, said, “Post Q2 results, Dalal Street will be eyeing the macro figures. With the Reserve Bank’s monetary review meeting to be held in December, inflation will also be a major factor. Vehicle sales figures for the month of November can also be a reason for volatility in the market this week. PMI figures for the manufacturing and services sector are due this week. There is also a monetary review of the central bank.
Market capitalization of top nine companies down
The market capitalization (market cap) of nine of the top 10 Sensex companies fell by Rs 2,62,146.32 crore last week. Bajaj Finance and Reliance Industries were the biggest losers. Last week, the BSE 30-share index Sensex lost 2,528.86 points, or 4.24 per cent. Out of the top 10 Sensex companies, only Bharti Airtel’s market capitalization increased last week.
The market capitalization of Bajaj Finance declined by Rs 41,518.24 crore to Rs 4,10,670.50 crore in the week under review. Despite this decline, Reliance Industries retained the first position among the top 10 companies. It was followed by TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, HDFC, SBI, Bajaj Finance and Bharti Airtel respectively.