New coronavirus variant wreaks havoc in markets, FPIs accelerate selling

The Dow Jones Industrial Average was down 2.53 per cent at 34,898 in early trading, tracking its worst day since late October 2020

The discovery of a new coronavirus variant rattled equity markets on Friday, which were already reeling from pressure due to concerns over stretched valuations and monetary policy normalisation.

The Sensex fell 1,688 points, or 2.8 per cent, to end the session at 57,107, while the Nifty tumbled 510 points, or 2.9 per cent, to close at 17,026 -- the worst fall for both the indices since April 12. This was also the second straight week when the benchmark indices fell around 2 per cent, a signal that the market has moved into treacherous waters, away from the relative calm seen