Indian shares fell for a second straight session on Tuesday, dragged down by IT and banking stocks, as the spread of the Omicron coronavirus variant unnerved investors globally ahead of a bevy of key central bank meetings later this week.

The blue-chip NSE Nifty 50 index was down 0.61% at 17,255 by 9:16 am, while the benchmark S&P BSE Sensex fell 0.68% to 57,884.91.

Fears over the Omicron variant grew after British Prime Minister Boris Johnson warned of a “tidal wave” of new cases, and the World Health Organization said it poses a “very high” global risk, with some evidence that it evades vaccine protection.

The IT services index was down 0.86%, while the bank index fell 0.7%.

Meanwhile, India’s retail inflation accelerated in November, led by a rise in food prices, but remained within the medium-term target of the central bank, strengthening views that the bank could keep interest rates on hold at its next meeting in February.