Sensex collapses over 600 points in early trade; Deftly slipping below the 16,650 level

Equity benchmark Sensex plunged over 600 points in the opening session on March 2 after a sell-off in global stock markets amid escalating tensions between Russia and Ukraine.

In addition, rising international crude oil prices and unabated foreign capital outflows weighed on investor sentiment.

The BSE gauge traded 613.55 points, or 1.09% lower, at 55,633.73 in early trade. Likewise, the Nifty fell 175.30 points, or 1.04%, to 16,618.60.

ICICI Bank was the biggest loser in the Sensex package, down 3.46%, followed by Asian Paints, Maruti, HDFC Twins, Kotak Bank and Ultratech Cement.

On the other hand, Tata Steel, M&M, Reliance Industries, PowerGrid, NTPC and Tech Mahindra were the winners.

In the previous session, the 30-item BSE Index was up 388.76 points, or 0.70%, at 56,247.28. Likewise, the broader NSE Nifty was up 135.50 points, or 0.81%, to end at 16,793.90.

The stock markets were closed for Mahashivratri on March 1st.

In Asia, the Tokyo, Hong Kong, Seoul and Shanghai stock exchanges traded with heavy losses on deals during the trading session.

Stock exchanges in the US closed the overnight session significantly lower.

International oil benchmark Brent rose 5.73% to $110.98 a barrel.

The US and the EU have imposed various sanctions on Russia. These include restrictions on Russia’s largest banks and the exclusion of its financial institutions from the global SWIFT payment system. However, they have allowed oil and natural gas supplies to continue.

In the Indian capital markets, foreign institutional investors (FIIs) remained net sellers in the capital market as they sold ₹3,948.47 crore of shares on February 28, according to stock market data.

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