Indian shares tumbled in early trade on Wednesday, given the deteriorating geopolitical situation and the consequent rise in oil prices to their highest since 2014.
Oil prices surged over 7 percent on Tuesday as sanctions on Russian banks following Moscow’s invasion of Ukraine hampered trade finance for crude shipments.
The benchmark 30-share BSE Sensex slumped 816 points, or 1.5 percent, to 55,430, while the broader NSE Nifty index was down 189 points, or 1.1 percent, at 16,605.
HDFC, Kotak Mahindra Bank, ICICI Bank, Asian Paints and Bajaj Auto plunged 3-4 percent while JSW Steel, Tata Steel, ONGC, Hindalco and Coal India jumped 3-6 percent on the back of higher commodity prices.
Reliance Industries edged up slightly after Reliance Retail acquired a majority stake in designer brand Abrham & Thakore.
Adani Ports and Adani Enterprises rose about 1 percent as the Adani Group announced its foray into media business.
Market Analysis
Sensex, Nifty Tumble Amid Global Selloff
2022-03-02 04:26:20
