Market Highlights: Sensex drops 383 points, Nifty ends below 17,100 points amid tensions between Ukraine and Russia; Real estate, IT and FMCG lag
Stock/Stock Market Highlights: Frontline stock indexes on the BSE and the National Stock Exchange (NSE) fell for the fifth consecutive session, down more than 0.6% on Tuesday, following weakness in Asian markets. Investors dumped stocks across the board, fearing further escalation Russian-Ukrainian tensions could ignite Oil prices and push inflation higher.
The S&P BSE Sensex fell 382.91 points (0.66%) to settle at 57,300.68 while the Nifty 50 slipped 114.45 points (0.67%) to end at 17,092, 20. Both indices had opened with steep losses earlier in the day, slipping more than 2% at the start of the trade, with the BSE benchmark reaching a low of 56,394.85 and the wider Nifty touching 16,843.80. They traded in negative territory throughout the session, but the gap narrowed towards the final hour of trading.
On the Sensex pack, Tata Steel and Tata Consultancy Services (TCS) were the main losers of the day with a drop of more than 3.5% each. They were followed by State Bank of India (SBI), Dr. Reddy’s Laboratories, IndusInd Bank and ITC. On the other hand, Bajaj Finserv, Mahindra & Mahindra (M&M), Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), Sun Pharmaceutical Industries and Infosys finished in the green.
(with agency contributions)