Sensex nosedives 1,688 points

The 30-share index ended 1,687.94 points or 2.87 per cent lower at 57,107.15. Similarly, the NSE Nifty plunged 509.80 points or 2.91 per cent to 17,026.45. IndusInd Bank was the top loser in the Sensex pack, tanking over 6 per cent, followed by Maruti, Tata Steel, NTPC, Bajaj Finance, HDFC and Titan. “The new variant of COVID-19 is presenting challenges in the form of lockdowns and travel bans. Apart from COVID-related concerns, inflation remains a worry for countries across the globe. FIIs have been net sellers this week. Equity markets in the near term will closely follow the impact of new COVID variant, inflation data, and central bank policies,” he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo sank as much as 2.67 per cent. Global stocks and oil prices tumbled on Friday.