Sensex Sinks 778 Points; Nifty Holds 16,600 As Crude Breaches $110 Mark
The indices were bogged down by Maruti, Dr Reddy's Labs, Bajaj Auto, Hero MotoCorp, ICICI Bank, HDFC twins, Eicher Motors, and Sun Pharma; all stocks were down between 3 per cent and 6 per cent
New Delhi: The key benchmark indices, Sensex and Nifty, on Wednesday declined sharply amid soaring crude prices and weak global cues.
As the Russia-Ukraine conflict entered seventh day, the 30-share BSE Sensex plunged 778 points to 55,468, while the NSE Nifty settled at 16,605, down 188 points.
The S&P BSE Sensex dived over 1,200 points intra-day trading, however, recouped some of the losses after reports suggested Russia was ready to resume talks with Ukraine tonight.
The headline indices were bogged down by Maruti Suzuki, Dr Reddy's Labs, Bajaj Auto, Hero MotoCorp, ICICI Bank, HDFC twins, Eicher Motors, and Sun Pharma. All these stocks were down between 3 per cent and 6 per cent.
Tata Steel, Titan, Reliance Industries, Axis Bank, Nestle India, PowerGrid, and Bajaj Finserv finished in the green.
In the broader markets, the BSE Midcap and Smallcap indices ended 0.1 per cent lower each. Sectorally, the Nifty Metal index was the top gainer on the NSE today (up 4 per cent) while the Nifty Auto index slumped 3 per cent. The Nifty Bank, Financial Services, and Pharma indices dipped 2 per cent each.
Most of the sector gauges, compiled by the National Stock Exchange, were trading in the red.
Nifty Auto and Nifty Bank underperformed the index by falling as much as 2.96 per cent and 2.30 per cent, respectively. However, Nifty Metal surged as much as 4.07 per cent.
Investors’ sentiments turned bleak as economic growth slowed to 5.4 per cent in the October-December quarter against an 8.5 per cent growth in the preceding quarter, according to government data. Simultaneously, a sharp spike in crude oil prices further added to the pressure. Brent crude futures traded above $110, a level last seen in July 2014.
In the Indian capital markets, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,948.47 crore on Monday, according to stock exchange data.
Meanwhile, Asian stocks also came under renewed pressure and oil prices soared on worries about the impact of strict sanctions against Russia over its invasion of Ukraine sank shares in Europe and on Wall Street.
In the previous session on Monday, Sensex had jumped 389 points (0.70 per cent) to close at 56,247; while Nifty had moved 136 points (0.81 per cent) higher to settle at 16,794.
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