The key equity indices failed to maintain recovery and slipped near the day's low in afternoon trade. Soaring crude oil prices amid the ongoing Russia-Ukraine crisis continued to spook investors. The Nifty was trading below the 15,900 mark.
At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 1404.24 points or 2.58% to 52,929.57. The Nifty 50 index lost 377.55 points or 2.32% at 15,867.80.
In the broader market, the S&P BSE Mid-Cap index fell 2.37% while the S&P BSE Small-Cap index slipped 2.15%.
The market breadth was weak. On the BSE, 836 shares rose and 2,537 shares fell. A total of 136 shares were unchanged.
In the commodities market, Brent crude for May settlement surged 8.88% at $128.60 a barrel. India imports majority of its crude oil requirements. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors. Higher crude oil prices could increase India's expenditure and adversely affects the fiscal deficit.
Politics:
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On the political front, the seventh and final phase of Uttar Pradesh elections 2022 began at 7 A.M. and will end at 6 P.M. today. This will conclude the fiercely contested polls held in five states. The results of exit polls for elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be broadcast from 7 P.M. today, after the end of polling. Votes will be counted on 10 March 2022.
Nifty Gainers & Losers:
Axis Bank (down 6.59%), IndusInd Bank (down 6.43%), Mahindra & Mahindra (down 6.04%), Maruti Suzuki (down 5.98%) and Tata Motors (down 5.74%) were the top index losers.
ONGC (up 7.17%), Hindalco (up 4.12%), Bharti Airtel (up 2.81%), Coal India (up 1.74%) and UPL (up 1.58%) were the top index gainers.
Stocks in Spotlight:
Edelweiss Financial Services fell 2.82% to Rs 51.60. The company said that CRISIL Ratings had reaffirmed its rating on the retail bonds, long-term debt instruments and bank facilities of the company.
Bharti Airtel rose 2.96% to Rs 672.35. The teleco and Axis Bank announced a strategic partnership to launch a range of innovative financial offerings and digital services exclusively for Airtel's 340 million plus customers. These will include co-branded credit card with benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments.
3i Infotech was locked in an upper circuit of 5% at Rs 55. The company bagged a work order from Rajasthan State Pollution Control Board (RSPCB) for a total contract value of Rs 12.85 crore.
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