The Indian equity benchmark indices closed lower in a volatile session as investors scrambled to safer currencies and bonds after the CEO of Moderna warned vaccines are unlikely to be as effective against the Omicron variant of coronavirus.

Share Market Live

NSE

The 30-scrip Sensex closed at 57,064, as it declined 195 points and the Nifty50 index fell 70 points to end at 16,983. The broader markets outperformed the benchmarks, as both midcap and smallcaps surged over 0.5 percent and 1.5 percent, respectively.

Meanwhile, Indian investors are also expecting the Reserve Bank to release the GDP number for the second quarter. As per the CNBC-TV18 poll, the GDP is expected to be 8.1 percent, just making up for the minus 7.4 percent last year. Reserve Bank is estimating the growth to be at 7.9 percent.

Also Read | Govt can miss FY22 fiscal deficit target on higher expenditure

Among the 50 stocks on Nifty, Power Grid, Shree Cement, SBI Life, Titan, Bajaj Finserv led the gains, as each scrip rose over 2.5 to 3 percent. Leading the losses were Tata Steel, Kotak Mahindra Bank, Adani Ports, JSW Steel, and Eicher Motors.

Among sectors on NSE, a strong rally was seen in consumer durables, healthcare, realty, and pharma indices. Sectors that closed in the red due to selling pressure include Nifty bank, auto, media, metal, and financial services.

Globally, world share markets fell as well, as main European bourses jolted 1.4 percent and scratched Monday's rebound. Crude oil prices declined by over 3 percent. Australia's currency, which is highly sensitive to global economic confidence, hit a year low while Japan's safe-haven yen, German government bonds and gold all rose.

"There is no world, I think, where (the effectiveness) is the same level," Moderna's chief Stéphane Bancel told the Financial Times in an interview. MSCI's broadest global equities index which tracks 50 countries was 0.2 percent lower and heading for only its third red month of the year.

Risk aversion also hit the currency markets with the US dollar weakening 0.3 percent versus its main rivals.

There was plenty of data to digest too. Activity in China's services sector grew at a slightly slower pace in November, official data showed. The sector took a hit from the fresh lockdown measures as authorities raced to contain the latest outbreak. China's blue chip index closed almost half a percent lower and Hong Kong's index shed over 1.5 percent.

In the commodity markets, Brent crude futures fell over $2, or 3 percent to $71.12. During the session, the oil benchmark had slipped to the lowest level since September 1.

With inputs from Reuters

Also Read | Correction in Nifty a good opportunity to buy select stocks; bullish on hospitality space: HSBC Global

(Edited by : Yashi Gupta)