Sensex Declines 700 Points At Open; Coal India Top Gainer

In line with the Asian markets, headline indices started trade on a weak note. Nifty slipped by over 1% or 192 points to 16601, while Sensex also shed close to 700 points to trade at 55,511. Broader markets however were faring better with Nifty Midcap 100 trading flat.

This is as there are rising worries due to the impact of aggressive sanctions on Russia over its invasion of Ukraine.

Sensex Declines 700 Points At Open; Coal India Top Gainer

Nifty gainers in the weak market are Coal India, ONGC, Hindalco, Tata Steel and JSW Steel, while laggards include Bajaj Auto, ICICI Bank, Hero MotoCorp, Maruti Suzuki and HDFC.

Coal India share price has also surged by 4.5% after February production spurts by 4% YoY.

Among Nifty sectoral indices all the indices trading in the red barring Nifty metals which has been seeing strength on the back of rising commodity price. Aluminum prices have hit record high on the supply disruption.

Nifty Auto is also under pressure as the February auto sales have come in substantially lower. Within the pack, Bajaj Auto, Maruti, Bharti Forge all fell by upto 5%.

On Tuesday, Reliance group said that the company's retail business has invested in luxury fashion house Abraham & Thakore, strengthening the line of lifestyle brands under its umbrella. The stock of RIL rose to day's high price of Rs. 2377 per share on the NSE.

Asian indices meanwhile traded with a cut of 1.89% on Japanese Nikkei, Hang Seng down by over 1%.

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