Sensex Crashes 704 pts, Nifty Settles Below 16,900; HDFC Twins Tank Up To 6%
Sensex Crashes 704 pts, Nifty Settles Below 16,900; HDFC Twins Tank Up To 6%
The key benchmark indices had a positive start on Tuesday. Grasim Industries, Eicher Motors, Bajaj Auto, Bajaj Finserv and Apollo Hospitals were among major gainers on the Nifty

In the highly volatile session on Tuesday, the benchmark indices ended lower with Nifty finishing below 17,000 mark. At close, the Sensex was down 703.59 points or 1.23 per cent at 56,463.15, and the Nifty was down 215.00 points or 1.25 per cent at 16,958.70. About 1111 shares have advanced, 2216 shares declined, and 118 shares are unchanged.

A sudden sell-off during the fag-end of the session drove the markets down for a fifth straight day on Tuesday. Domestic and global markets were hit hard today after Ukraine said on Monday that a long-expected offensive push into the Donbas region in eastern Ukraine has started, with intensified assaults in the north and east of the country.

The NSE Nifty50, on the other hand, broke below the psychological level of 17,000 and ended at 16,959, down 215 points. Both the indices slipped 1.2 per cent each.

Reliance Industries (RIL; up 3.5 per cent) and ICICI Bank (up 0.16 per cent) were the only gainer on the 30-pack index. The draggers on the index were HDFC (down 6 per cent), HDFC Bank (down 4.2 per cent), ITC, Tech M, Infosys, Nestle India, and HCL Tech.

In the broader markets, the BSE MidCap and SmallCap indices declined up to 1.2 per cent. Sectorally, the Nifty Realty, FMCG, and IT indices slipped 3.5 per cent each, followed by the Nifty Financial Services index (down 2.5 per cent). India VIX inched up 2.2 per cent to 19.7750.

Meanwhile, Dollar index in the last few sessions has been inching higher on back of prospects that the Federal Reserve could adopt to a more aggressive rate hike process than estimated earlier,” said Gaurang Somaiya, forex & bullion analyst, Motilal Oswal Financial Services.

Global Cues

US stocks closed slightly lower after a wobbly day of trading Monday, as worries about interest rates and inflation keep a lid on Wall Street despite some better-than-expected profit reports. The S&P500 slipped less than 0.1 per cent. Like it, the other two major U.S. stock indexes also rolled between small gains and losses Monday. The Dow Jones Industrial Average and Nasdaq each fell 0.1 per cent.

Tokyo stocks opened higher on Tuesday as investors bargain-hunted shares that dipped after modest falls on Wall Street. The benchmark Nikkei 225 index was up 1.04 per cent, or 278.29 points, at 27,078.00 in early trade, while the broader Topix index gained 0.94 per cent, or 17.64 points, to 1,897.72.

Hong Kong stocks slid down in early trade on Tuesday after a four day holiday weekend, tracking growth concerns in China and modest falls on Wall Street. The Hang Seng Index fell 1.78 per cent, or 382.28 points, at 21,135.80. The Shanghai Composite Index rose in early trade, up 0.15 per cent, or 4.71 points, at 3200.24, while the Shenzhen Composite Index edged up 0.51 per cent, or 10.31 points, to 2032.83.

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