Closing Bell: Market Snaps 7-Day Losing Streak, Sensex & Nifty Fall From Highs Amid Russia-Ukraine Tensions

The Indian stock markets ended their seven-day losing streak on a mixed note, closing in the green despite shedding significant intraday gains. Rising tensions between Russia and Ukraine dampened market sentiment in the final hour of trading, causing the Sensex and Nifty to retreat sharply.

The Sensex gained 239 points to close at 77,578, while the Nifty rose 65 points to end at 23,519. Meanwhile, the Midcap Index climbed an impressive 503 points to 54,548, and the Nifty Bank Index added 263 points to settle at 50,627.

Market enthusiasm was tempered after reports indicated escalating tensions between Russia and Ukraine. According to Reuters, Ukrainian forces conducted their first strike inside Russian territory using an ATACMS missile, signalling an escalation in the conflict. In response, Russian President Vladimir Putin approved a revised nuclear doctrine, potentially expanding the conditions under which Russia may use atomic weapons.

Mahindra & Mahindra (M&M) shares surged up to 5% following positive commentary from management, making it one of the day's top performers. Trent snapped a three-day losing streak, rising 2% and joining the list of top Nifty gainers.

Indian Hotels Company Limited (IHCL) announced plans to double its revenue by 2030, propelling its stock 3% higher. GMR Airports' Robust passenger traffic growth in October pushed the stock up by 4%.

Suzlon Energy hit the upper circuit for the second consecutive session, supported by an upgrade from Morgan Stanley. PSP Projects shares rallied up to 15% on reports of the Adani Group eyeing a majority stake acquisition. Zee Entertainment Enterprises Ltd (ZEEL) jumped 6% as Punit Goenka stepped down as Managing Director and assumed the role of CEO.

Insurance stocks faced selling pressure after the Finance Minister highlighted the issue of "mis-selling of insurance products," leading to a drop in several prominent counters. Waaree Energies reported a muted set of earnings for Q2, resulting in a 6% decline in its stock price. Honasa Consumer continued its downward slide, falling another 10% after disappointing Q2 results.

PG Electroplast Ltd signed an agreement with Spiro Mobility for electric vehicle manufacturing, which boosted its stock by 9%. The renewable energy sector continued to gain traction, led by Suzlon Energy and other green energy players, amid a growing global shift toward sustainability.

While the markets managed to end in the green, geopolitical uncertainties and volatile global cues remain areas of concern. Analysts expect the near-term market trajectory to be shaped by global developments, including the escalating Russia-Ukraine conflict and any resulting macroeconomic ripple effects.

The Indian markets showcased resilience today, with sectors like hospitality, renewable energy, and aviation contributing to gains. However, profit booking at higher levels and geopolitical jitters may keep upside potential limited in the short term.