Military intervention by Russia further added to worries of the market. The Sensex ended the day lower by 242 points, while the Nifty fell 74 points in trade. Heavyweight, ITC, ICICI Bank and ONGC contributed to the losses in the indices.
Banking shares saw the worst slump with Axis Bank and ICICI Bank both dropping by almost 2 per cent in trade. IDBI Bank was the worst hit among the banking stocks after its profits fell and gross non performing assets rose sharply. Other PSU banks also saw a decline with notable losers being Bank of India and Bank of Baroda.
Shares in Hindustan Unilever continued to grind higher. Shares in select infra and construction companies like Gammon Infra, HCC and NCC dropped in trade. However, IL&FS Engineering rallied after the company got a deal worth Rs 105 crore from Lodha Group for civil contraction works in Mumbai.
Bata India continued to fall for a second day in a row after the company's results failed to meet expectations. Petronet LNG fell 2 per cent despite the board approving plans for LNG unloading, storage and reload services to enhance capacity utilisation of company's Kochi LNG terminal .
Meanwhile, markets across Europe saw sharp declines on worries over Ukraine. The German DAX, French CAC and the UK's FTSE were all trading with losses of 1-1.5 per cent.