Closing Bell: Russia-Ukraine conflict impacts the Indian market heavily
Domestic equity benchmarks Sensex and Nifty suffered deep cuts today after a gap-down opening, mirroring a sell-off across global markets after Russia ordered troops into eastern Ukraine.
In a bleeding trading session, the Indian equity benchmarks extended their losing run for the fifth straight session on Tuesday led by a sell-off across all sectors. Market participants turned cautious after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine, increasing concerns about a major war. During today's trade, the Sensex plummeted as much as 1,288.7 points or 2.2% to 56,394.9 and the Nifty slid to as low as 16,843.8, shedding as much as 362.9 points or 2.1% from its previous close. Volatility also counted ahead of the expiry of monthly derivatives contracts due on Thursday.
At the closing bell on February 22, the Sensex was down 382.91 points or 0.66% at 57300.68, and the Nifty was down 114.50 points or 0.67% at 17092.20. On the market breadth, around 684 shares have advanced, 2589 shares declined, and 82 shares were unchanged.
Top Nifty losers today were Tata Steel, TCS, BPCL, Tata Motors and SBI Life Insurance. Top gainers included M&M, Bajaj Finserv, Eicher Motors, Hindalco Industries and ONGC. Among the top laggard, Tata Steel cracked 4.05% to Rs 1,134.
On the sectoral front, all the sectoral indices ended in the red with IT, metal, oil & gas, capital goods, FMCG, realty and PSU bank indices down 1-3% each. In the broad market, the BSE midcap and smallcap indices fell 0.7-1.6%.
In other economic news, Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Russian President Putin ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near USD 100 a barrel.
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