Indices snap 5-day winning streak, Sensex tumbles 709 points weighed by metal and IT stocks

The S&P BSE Sensex crashed 709.17 points (1.26 per cent) to end at 55,776.85 while the Nifty 50 tumbled 208.30 points (1.23 per cent) to settle at 16,663.00. Both the indices had opened on a choppy note earlier in the day and traded largely in a range throughout the morning session before slipping into the red in the late afternoon deals.

Tata Steel was the top loser on the Sensex pack falling nearly 5 per cent. It was followed by Kotak Mahindra Bank, Tech Mahindra, Infosys, Reliance Industries (RIL) and HCL Technologies. On the other hand, Mahindra & Mahindra (M&M), Maruti Suzuki India, Nestle India, Asian Paints, Titan Company and ICICI Bank were among the gainers.

Among the broader market indices, the S&P BSE MidCap index settled at 23,154.92, down 159.36 points (0.68 per cent) while the S&P BSE SmallCap ended at 26,987.85, down 238.49 points (0.88 per cent).

The volatility index or India VIX rose 4.09 per cent to 26.7300.

Commenting on the market performance on Tuesday, Vinod Nair, Head of Research at Geojit Financial Services, said, “The world equity market lost its momentum as new financial & trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting in which the market widely expects FOMC to initiate a rate hike.”

Global market

World share prices have fallen, with Hong Kong down almost 6 per cent and Shanghai sinking 5 per cent as virus lockdowns and rising numbers of COVID cases in China threaten to disrupt manufacturing and trade.

The sell-off gathered pace late in the session despite the release of data showing strong increases in Chinese retail sales, industrial production and investment in January-February. It followed a decision by China’s central bank not to ease interest rates to spur economic growth.

Germany’s DAX lost 2.3 per cent to 13,612.44 and the CAC 40 in Paris was also 2.3 per cent lower at 6,223.67. Britain’s FTSE 100 declined 1.5 per cent to 7,088.89. The futures for the S&P 500 and Dow industrials were down 0.7 per cent.

Anxiety over the war in Ukraine and an upcoming Federal Reserve meeting on interest rates is keeping markets on edge.

-global market input from AP

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