Sensex collects over 850 points due to weak global signals

Asian Paints, Maruti Suzuki India, Axis Bank, Wipro and Mahindra & Mahindra were the biggest detractors in morning trade, falling as low as 4.51%.

Asian Paints, Maruti Suzuki India, Axis Bank, Wipro and Mahindra & Mahindra were the biggest detractors in morning trade, falling as low as 4.51%.

Stock benchmark Sensex plunged over 850 points in the opening session on March 4, 2022, following a weak trend in global markets amid escalating tensions between Russia and Ukraine.

The 30-piece Sensex fell 851.99 points to 54,250.69 after a weak start in early trade. The wider Nifty was down 185.60 points to 16,312.45.

“Volatility in US stocks continues as the Russian invasion of Ukraine enters its second week. Investors remain cautious, trying to assess how international sanctions could punish Putin’s regime. The Dow Jones fell 0.3 percent. The Nasdaq, meanwhile, is down more than 1.6 percent and the S&P 500 is down 0.5 percent,” said Mitul Shah, head of research at Reliance Securities.

Asian Paints, Maruti Suzuki India, Axis Bank, Wipro and Mahindra & Mahindra were the biggest detractors in morning trade, falling as low as 4.51%.

In the previous session, the 30-stock BSE Index closed down 366.22 points, or 0.66%, at 55,102.68. Similarly, the broader NSE Nifty fell 107.90 points, or 0.65%, to close at 16,498.05.

The Hong Kong, Shanghai and Tokyo stock exchanges traded significantly lower on mid-session deals.

Stock exchanges in the US closed the overnight session in negative territory.

Meanwhile, international oil benchmark Brent rose 1.53% to $112.16 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹6,644.65 crore of shares on a net basis, according to stock market data on Thursday.

“The war and the rise in crude oil have completely changed the economic scenario and market expectations. If the war prolongs, global economic growth could be impacted,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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