Equity benchmark Sensex plunged 1,190 points on Monday as concerns over the impact of surging Omicron cases across the world spooked investors, triggering an intense selloff in global equities. The 30-share index slumped 1,189.73 points or 2.90 per cent to end at 55,822.01. Similarly, the NSE Nifty tanked 371 points or 2.18 per cent to 16,614.20.

Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC. On the other hand, HUL and Dr Reddy's were the gainers.

Continuous FIIs' selling along with caution over the rising Omicron variant cases triggered a massive slide in key domestic equity indices on Monday's post-noon trade session. Notably, India VIX (volatility index) spiked to its nine days high levels and signified the dominance of the bears in the market.

Besides, all sectors traded in the negative territory out of which Realty, Banking and Financial counters witnessed the most weakness and selling pressure.

Consequently, at 12.45 p.m., the S&P BSE Sensex declined by 1,601.35 points or 2.81 per cent to 55,410.39 points. Similarly, NSE Nifty50 fell by 527.25 points or 3.10 per cent to 16,457.95 points.

Initially, both the indices made a gap-down opening due to the rise in Omicron coronavirus cases worldwide. Besides, traders were cautious with continuous net outflow of foreign funds.

The Foreign Portfolio Investors (FPIs) have pulled out Rs 17,696 crore from the Indian markets in December so far.

According to experts, exploding COVID-19 cases, sustained selling by foreign institutional investors and slowing growth momentum in the developed economies have spooked markets the world over.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses. Stock exchanges in Europe too were trading deep in the red in mid-session deals. 

Meanwhile, international oil benchmark Brent crude tumbled 3.51 per cent to USD 70.94 per barrel.

With PTI and IANS inputs