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Sensex, Nifty fall for fifth straight session on weak global trends, oil prices


Published on: March 8, 2022 | Updated on: March 8, 2022

From the 30-share pack, Maruti Suzuki India, Tata Steel, HDFC Bank, Axis Bank and Asian Paints were the major laggards. (Photo: PTI/File)

Mumbai: Equity benchmarks Sensex and Nifty fell for the fifth straight session on Tuesday in tandem with weak global trends as simmering tensions between Russia and Ukraine kept investors on the sidelines.

The 30-share BSE Sensex opened on a weak note and further tumbled 432.36 points or 0.81 per cent to 52,410.39 amid firming oil prices and relentless selling by foreign institutional investors.

Similarly, the broader NSE Nifty declined 115.75 points or 0.72 per cent to 15,747.40 in opening trade.

On Monday, the Sensex ended at 52,842.75, down 1,491.06 points or 2.74 per cent, while the Nifty tanked 382.20 points or 2.35 per cent to finish at 15,863.15.

From the 30-share pack, Maruti Suzuki India, Tata Steel, HDFC Bank, Axis Bank and Asian Paints were the major laggards, falling up to 2.13 per cent.

In contrast, Power Grid Corporation of India, NTPC, TCS and Tech Mahindra were among the gainers.

"The whole global market closed in the red on Monday, including the Indian market, which sank dramatically down and lost about 2 per cent, following a persistent rise in petroleum and feeble global cues. Markets have been rocked by a sharp increase in crude oil prices, as investors fear more penalties against Russia," said Mohit Nigam, Head - PMS, Hem Securities.

Bourses in Hong Kong, Shanghai and Tokyo were trading lower in mid-session deals.

Stock exchanges in the US closed in the negative territory, dropping sharply on Monday.

Meanwhile, international oil benchmark Brent crude jumped 2.50 per cent to USD 126.1 a barrel.

"US equities tumbled as investors continued to sell off stocks and stockpile safe-haven assets as concerns over the economic consequences of Russia's war in Ukraine intensified. The Dow Jones fell 2.4 per cent, while the S&P 500 lost 2.95 per cent. The tech-heavy Nasdaq slumped 3.6 per cent," according to Mitul Shah, Head of Research at Reliance Securities.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,482.08 crore on a net basis on Monday, according to exchange data.