On Wednesday, the Sensex closed at a three-week low of 927 points at 59744.98, while the Nifty fell below the four-month low of 176,00. The figures are a reflection of weak global trends.
The BSE Sensex fell for the fourth day in a row and closed 927.74 points, or 1.53 per cent, at 59,744.98, its lowest level since February 1.
The 50-share NSE Nifty declined 272.40 points, or 1.53 per cent, to end 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, the fear of sanctions against Russia and the degree of its impact on the economy, especially on food and oil exports, Adding to the worry, the market is still recovering from the pandemic, and high interest and inflation are prominent 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 per cent to $82.11 per barrel.
Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore on Tuesday, according to exchange data.
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