Stock market indices tumble further: Sensex declines 500 points, Nifty at 17,120

The benchmark indices declined on Monday. BSE Sensex and NSE Nifty50 declined due to continued selling by foreign institutional investors, while the geo-strategic tensions between Ukraine and Russia also weighed in, said analysts.

At 10.24 AM, the Sensex was down 520.83 points or 0.90 percent at 57,312.14. The broader Nifty declined 156.10 points or 0.90 percent at 17,120.20.

At 9.36 AM, Sensex traded at 57,225 points, down 1.1 percent or 608 points, whereas Nifty traded 17,100 points, down 1.0 percent or 176 points.

HDFC Life (2.4 percent), Titan (2.3 percent), Bajaj Finserv (1.8 percent), Hindalco (1.8 per cent), and UPL (1.7 percent), were the top five losers among the Nifty 50 companies during the early trade.

IndiGo shares slip

IndiGo shares slipped 4.06 percent or Rs 86 to Rs 2,030.60 on the NSE while on the BSE, it fell 4.47 percent to Rs 2,025.45 apiece after IndiGo co-promoter Rakesh Gangwal resigned with immediate effect from the board of directors of InterGlobe Aviation.

Ukraine tensions, monetary tightening by Fed impacts markets

“There are strong headwinds for the market arising from Ukraine tensions and monetary tightening by the Fed expected from March onwards. Adding to these headwinds there are concerns specific to India like sustained FII selling and rising crude…,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services to IANS.

“Trends of improving earnings growth and fair valuations in segments like financials are supporting the market. Investors should wait till clarity emerges on the Russia-Ukraine front,” Vijayakumar added.

(With IANS inputs)

Published on: Monday, February 21, 2022, 10:30 AM IST

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