Indian shares ended sharply lower on Wednesday to snap a two-day winning streak as the Ukraine conflict intensified further on the seventh day of the invasion and domestic GDP growth data missed market estimates.
The benchmark 30-share S&P BSE Sensex ended at 55,468.90, down 778.38 points, or 1.38 percent, from its previous close, while the broader NSE Nifty index dropped 187.95 points, or 1.12 percent, to 16,605.95.
Both the indexes hit as low as 55,020 and 16,479, respectively earlier, as oil topped $113 per barrel for the first time since 2014 on supply disruption fears following hefty sanctions on Russian banks.
Among the prominent decliners, Hero Moto Corp, Asian Paints, Bajaj Auto, Dr Reddy’s Laboratories and Maruti Suzuki India slumped 4-6 percent.
Rising commodity prices helped lift metal stocks, with Hindalco, Tata Steel and Coal India climbing 4-9 percent.
Insurers HDFC Life and SBI Life soared 7 percent and 5.7 percent, respectively amid speculation that the much-awaited initial public offering of state-run insurance giant Life Insurance Corporation of India (LIC) is likely to be pushed to the next financial year amid global market rout.
Market Analysis
Sensex, Nifty End Off Day’s Lows
2022-03-02 11:35:28
