Market snaps two-day gains as conflict escalates

Mumbai, March 2

Reversing their two-session rising streak, equity benchmarks buckled under selling pressure on Wednesday as the Russia-Ukraine war hammered investor confidence and roiled financial markets globally. A sharp depreciation in the rupee, unabated selling by foreign investors and lacklustre macroeconomic data added to the gloom, analysts said.

SENSEX TANKS 778.38 POINTS

RUPEE SLIPS TO 75.80 VS US $

CLOSES AT 55,468.90

NSE Nifty shed 187.95 points to close at 16,605.95Maruti was the top loser (6%), followed by Dr Reddy’s, Asian Paints amp; ICICI Bank

The Sensex opened weak and plunged about 1,200 points in intra-day trade, before recovering some lost ground. It finally ended 778.38 points lower at 55,468.90. On similar lines, the Nifty shed 187.95 points to close at 16,605.95.

Maruti Suzuki was the top loser in the Sensex pack, tumbling 6%. Other auto stocks too bore the brunt of heavy selling. Dr Reddy’s, Asian Paints, ICICI Bank, HDFC twins and UltraTech Cement were among the other prominent laggards, slipping as much as 5.14%.

On the other hand, Tata Steel, Titan, Reliance Industries, Nestle India and Axis Bank climbed up to 5.54%. —