Bombay Stock Exchange (BSE) building in Mumbai. file | Photo Credit: AP
Benchmark Sensex closed at a three-week low, down 927 points, while the broader Nifty fell to a four-month low on Wednesday amid weak global trends, as investors waited for the Federal Open Market Committee’s release later in the day. Took a break for
The BSE Sensex fell for the fourth day in a row and closed 927.74 points, or 1.53%, at 59,744.98, its lowest level since February 1. During the day, it closed at 59,681.55, down 991.17 points or 1.63%.
The 50-share NSE Nifty declined 272.40 points, or 1.53%, to close at a four-month low of 17,554.30, with 47 of its constituents ending in the red.
From the Sensex pack, Bajaj Finance, Bajaj Finserv, Reliance Industries, Wipro, HDFC Bank, HDFC Bank, ICICI Bank and Tata Steel were the major laggards.
ITC was the lone winner in the Sensex pack.
South Korea, Japan, China and Hong Kong closed with losses in Asian markets.
Stock exchanges in Europe were in negative territory in afternoon trade. On Tuesday, the US markets closed with a significant decline.
“The resurgence of the Cold War between the US and Russia has created apprehension in the market. While this should be a short-term effect, there is growing concern over the fear of sanctions against Russia and the degree of its impact on the economy, particularly food and oil exports. Markets are still recovering from the pandemic, with high interest rates and inflation in the background.
“It is believed that this war will be fought on an economic front, which will limit its impact on strong economies like the US and India. Waiting for the release of Fed and RBI minutes are other key factors keeping investors on the sidelines ” Vinod Nair, head of research, Geojit Financial Services.
International oil benchmark Brent crude fell 1.11% to $82.11 a barrel.
Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore on Tuesday, according to exchange data.