Nifty Holds Below 16,900; Sensex Drops 704 Points; HDFC Twins Fall Up to 6%

The main indices closed lower in Tuesday's extremely tumultuous session, with the Nifty closing under the 17,000 level. The Nifty was down 205 points or 1.25 percent at 16,958.70 at closure, and the Sensex was down 703.59 points or 1.23 percent at 56,463.15. Approximately 1111 shares are up, 2216 are down, and 118 are remaining steady.

The markets fell on Tuesday for the fifth day in a row due to an abrupt sell-off at the end of the session. After Ukraine announced on Monday that a long-anticipated offensive drive into the Donbas region in eastern Ukraine has begun, with escalated attacks in the north and east of the country, domestic and international markets were severely hit today.

The NSE Nifty50, on the other hand, fell 215 points to close at 16,959, breaking below the crucial milestone of 17,000 in the process. Each of the indicators decreased by 1.2%.

The only gainers on the 30-pack index were ICICI Bank (up 0.16%) and Reliance Industries (RIL; up 3.5%). The index was dragged down by HDFC (6%) and HDFC Bank (4.2%), as well as ITC, Tech M, Infosys, Nestle India, and HCL Tech.

The BSE MidCap and SmallCap indices experienced a drop of up to 1.2% in the overall markets. Sectorally, the Nifty Financial Services index fell the most, 3.5%, followed by the Nifty Realty, FMCG, and IT indexes (down 2.5 percent). The India VIX increased 2.2% to 19.7750.

As a result of the possibility that the Federal Reserve may pursue a more aggressive rate hike procedure than anticipated earlier, the Dollar index has been edging up over the past few days, according to Gaurang Somaiya, currency & bullion analyst, Motilal Oswal Financial Services.

Global Cues

Despite some better-than-expected earnings reports, US stocks ended the day marginally down as concerns about interest rates and inflation kept Wall Street under wraps. Less than 0.1% of the S&P500 fell. Similar to it, the other two major U.S. stock indices fluctuated Monday between modest gains and losses. Both the Nasdaq and the Dow Jones Industrial Average decreased by 0.1%.

As investors looked for bargains in shares that dropped after slight declines on Wall Street, Tokyo stocks opened higher on Tuesday. The broader Topix index increased by 0.94 percent, or 17.64 points, to 1,897.72, while the benchmark Nikkei 225 index rose by 1.04 percent, or 278.29 points, to 27,078.00 in early trading.

Following a four-day holiday weekend, Hong Kong stocks declined in the opening hours of trade on Tuesday, following concerns over China's economic growth and slight declines on Wall Street. At 21,135.80, the Hang Seng Index experienced a 1.78 percent decrease or 382.28 points. The Shenzhen Composite Index grew by 0.51 percent, or 10.31 points, to 2032.83 in early trading, while the Shanghai Composite Index increased by 0.15 percent, or 4.71 points, to 3200.24.

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