Sensex crashes 1400 points, over Rs 6.5 Lakh Crore investor wealth lost

Indian Share market fell sharply today. While BSE Sensex dropped 1,400 points, the Nifty 50 touched a low of 17,160. Similar trends have been noted in the other Asian markets. The news of the new Covid variant has dented the market sentiment. The indexes were already reeling under the pressure of tightening monetary policy by the Federal Reserve, according to a reports.

Tata Motors, ONGC, Hindalco and BPCL are the top losers of the day, according to data on NSE's website. Tata Motors lost 4 per cent and ONGC lost 3.9 per cent in the early trade, on Friday. In Nifty50, pharma giants like Cipla and Dr Reddy's are the top losers, according to BSE's website. Investors lost over Rs 6.5 lakh crore of wealth in the market, according to a reports.

A new Covid variant, which could potentially be more transmissible, has been discovered by cientists in South Africa. Even though the impact on human life is yet to established, the re-imposition of movement restrictions, if any, is likely to hurt economic activity, as per the Mint report.

According to Mint's report, the new strain, B.1.1.529 has been blamed for a surge in fresh cases in South Africa. New cases have also been detected in Hong Kong.

The WHO is also, reportedly, 'closely monitoring' the new variant. It is due to hold a meeting on the variant, today.