Sensex, Nifty Pare Intra-day Losses; Nifty Ends Above 16,600, Coal India Top Gainer

On mounting tensions between Ukraine-Russia, Indian indices slipped with Sensex tanking over 1000 points intra-day. Nevertheless towards the close of the session, headline indices pared losses and Nifty settled lower by 188 points at 16606, while Sensex declined 778 points. Bank Nifty too tumbled heavily by 832 points. Meanwhile broader markets relatively performed better with Nifty mid cap losing by a tad.

Sensex, Nifty Pare Intra-day Losses; Nifty Ends Above 16,600, Coal India Top Gainer

Amid Nifty sectoral indices, metal pack once again on soaring commodity prices due to supply fears emerged as the clear cut winner, gaining over 3 percent in intra-day trade. Top gainer within the pack has been Hindustan Zinc, gaining over 12%. Other top gainers include Coal India, Tata Steel, NMDC, all up over 5%.

Also, the auto pack reported steep losses to the tune of over 3% after February sales came in weaker. Maruti stock tumbled by over 6% after the auto major logged 7.4% YoY decline in total passenger sales.

Meanwhile, oil prices soared to multi year highs of $111 per barrel on supply disruption fears
As per brokerage report of Motilal Oswal, the Ukraine-Russia conflict has led to a global risk off sentiment, with equity markets undergoing intermittent bouts of correction and elevated volatility. The uncertainty over the duration and magnitude of the extant conflict could keep the market jittery and dependent on news flow.

European shares were trading mixed with FTSE up, while German DAX and French CAC down in trade.

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