Benchmark indices opened lower amid heavy selling in early trade. The Nifty slipped to 16,800 mark. Concerns of a new virus variant weighed on the sentiment. At 9:30 IST, the barometer index, the S&P BSE Sensex, dropped 627.45 points or 1.1% at 56,479.79. The Nifty 50 index lost 205.8 points or 1.21% at 16,820.75.

In the broader market, the S&P BSE Mid-Cap index declined 2.95% while the S&P BSE Small-Cap index lost 4.06%.

The market breadth was weak. On the BSE, 558 shares rose and 2,106 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,785.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,294.11 crore in the Indian equity market on 26 November, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.58%. The conglomerate said that Jio has announced its new unlimited plans. The new unlimited plans will go-live on 1st December 2021 and can be opted from all existing touchpoints and channels.

State Bank of India (SBI) fell 2.89%. The PSU bank said that Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for contravention of provision.

Hero MotoCorp declined 2.83%. The company said that the board of directors has appointed Rajnish Kumar as an Additional and Independent Director and Vasudha Dinodia as an Additional and Non-Executive Director, effective November 25, 2021.

Global Markets:

Asian stocks were trading lower on Monday as investors in the region continue to watch for developments surrounding the recently discovered omicron Covid variant. Britain and European countries have restricted travel from southern Africa, where the variant was detected.

The World Health Organization (WHO) said in a Sunday statement that it was still unclear whether infection with the omicron Covid variant causes more severe disease as compared with other strains, including delta.

U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets. Friday was a shortened trading day because of the Thanksgiving holiday.

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