The theme stocks reopened, and this year has come full circle. They started 2022 on a solid note as India returned to normal but are now taking a hit as COVID-19 cases surge worldwide.

Shares including Jubilant Foodworks, Interglobe Aviation, Indian Hotels, Lemon Tree, Devyani International, PVR and Inox fell between 2% and 5% on December 23 as India ramped up measures to contain a new wave of infections ahead of Christmas and New Year celebrations.

COVID-19 variant Omicron’s BF.7, said to have sparked a new surge of infections in China, has been detected in India, a union health ministry source said on December 21. At least four cases linked to the new variant have been identified, but they have all recovered.

The government has issued new guidelines for international travellers arriving in India. The aviation ministry has been asked to ensure at least 2% of passengers on every flight are tested for coronavirus.

Indian markets fell for the fourth day in a row as COVID concerns mounted. The biggest losers were reopening theme stocks, whose fortunes began to improve.

Positive developments such as Interglobe Aviation’s three-day winter promotion and Domino’s operator Jubilant Foodworks’ launch of 20-minute pizza delivery also failed to cheer investors.

On December 23, at 11:30 am, the Sensex was down 542.74 points at 60,283, and the Nifty was down 166.50 points at 17,960.80.