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New sanctions on Russia snap 5-day gaining streak
Resistance continues to be at 17,240–17,210
Sell-off in global markets as investors get into wait n watch mode ahead of US Fed meet and new sanctions on Russia along with suspension of gas imports; Higher inflation, depreciating rupee and foreign capital outflows also weighed on sentiment
Mumbai: Market benchmarks halted their five-day rally to close with deep cuts on Tuesday, in line with a sell-off in global markets as participants dialled back risk exposure ahead of a key policy meeting of the US Federal Reserve amid continuing uncertainty over the Ukraine crisis. A depreciating rupee and foreign capital outflows also weighed on sentiment, traders said.
After opening with gains of over 200 points, the 30-share Sensex turned highly volatile and tumbled in afternoon trade, before finally finishing 709.17 points or 1.26 per cent lower at 55,776.85. Similarly, the broader NSE Nifty dived 208.30 points or 1.23 per cent to 16,663.
Tata Steel was the top laggard in the Sensex pack, sliding 4.89 per cent, followed by Kotak Mahindra Bank, Tech Mahindra, Infosys, Reliance Industries, HCL Tech and PowerGrid. Mahindra & Mahindra and Maruti Suzuki topped the gainers' list, climbing as much as 2.31 per cent, after these firms featured in the list of 75 companies whose applications were cleared under the Production Linked Incentive (PLI) scheme for the automobile and auto components sector. Asian Paints, Titan, Nestle India and Bharti Airtel were among the other winners. "The world equity market lost its momentum as new financial and trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting," according to Vinod Nair, Head of Research at Geojit Financial Services.
The Federal Reserve will meet on Wednesday amid expectations that the US central bank will hike rates for the first time since 2018 to help cool runaway inflation.
"Indian equity markets end a five-day winning streak on the back of weak global cues and rising US bond yields ahead of the FOMC (Federal Open Market Committee) meeting outcome on Wednesday. The most important event apart from the Russia-Ukraine war is the FOMC meeting outcome," said Parth Nyati, Founder, Tradingo.
Foreign institutional investors (FIIs) continued their selling spree in Indian markets as they offloaded shares worth Rs176.52 crore on a net basis on Monday, according to exchange data. In the broader market, the BSE midcap gauge dipped 0.68 per cent and the smallcap index declined 0.88 per cent. Barring auto, all BSE sectoral indices settled lower, with metal tanking the most by 4.34 per cent, followed by oil & gas, energy and IT. A total of 2,045 stocks declined, while 1,342 advanced and 101 remained unchanged.
