The benchmark Sensex fell 927 points to a three-week low on Wednesday, while the broader Nifty fell to a four-month low as investors awaited the release of the Federal Open Market Committee minutes later in the day.
The BSE Sensex fell 927.74 points, or 1.53%, for the fourth day in a row, to settle at 59,744.98, the lowest closing level since February 1. It fell 991.17 points, or 1.63 percent, during the day to 59,681.55.
The 50-issue NSE Nifty fell 272.40 points, or 1.53%, to a four-month low of 17,554.30, with 47 of its constituents falling.
The major laggards in the Sensex pack were Bajaj Finance, Bajaj Finserv, Reliance Industries, Wipro, HDFC Bank, HDFC, ICICI Bank, and Tata Steel.
In the Sensex pack, ITC was the sole winner, ITC stock has been trading in the green for last four sessions.
South Korea, Japan, China, and Hong Kong all finished lower in Asian markets.
In the afternoon trade, European stock exchanges were trading in the red. On Tuesday, the US markets finished significantly lower.
“The resurgence of the cold war between the United States and Russia has caused market concern. Although it should be a short-term effect, the fear of sanctions against Russia and the extent to which they will affect the economy, particularly food and oil exports, is adding to the anxiety. The market is still recovering from the pandemic, and high-interest rates and inflation are the headwinds in the background.
“It is expected that this war will be fought on an economic front, limiting its impact on powerful economies such as the United States and India. Other major factors that kept investors on the sidelines included the release of Fed and RBI minutes “said Vinod Nair, Geojit Financial Services’ Head of Research.
Brent crude fell 1.11 percent to USD 82.11 per barrel, the international oil benchmark.
According to exchange data, Foreign Portfolio Investors (FPIs) purchased shares worth Rs 525.80 crore on Tuesday.
