Stock market continues sell-off amid rising geopolitical disruptions

The Indian stock market continued the sell-off amid rising geopolitical disruptions. At close, the Sensex settled at 77,566.16, down 1,352.74 points or 1.71% after hitting low of 76,424.55, while Nifty also recovered from day’s low of 23,697.80 to end at 24,028.05, down 422.40 points or 1.73%.

Broader indices underperformed the main indices with Nifty Midcap and Smallcap indices shed 2 each. The market capitalisation of BSE-listed companies fell by more than Rs 8 lakh crore to Rs 441 lakh crore.

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Among the sectors, all the indices ended in the red. Among the key ones, Auto, Capital Goods, Consumer Durables, Metal, PSU Bank, Oil & Gas and Private Bank down 2-4%.

On Nifty, the key gainers were Wipro, Sun Pharma, Apollo Hospital, Reliance Industries, Infosys. On the losing side were Tata Motors Passenger Vehicles, Eicher Motors, Bajaj Auto, UltraTech Cement, Maruti Suzuki.

Further, over 850 stocks touched their 52-week low. These included Swan Corp, Interglobe Aviation, GNFC, PNB Housing Finance, Birla Corp, BLS International, Sterling Wilson, RHI Magnesita, Just Dial, Asian Paints, Nuvoco Vistas, REC, Berger Paints, JK Lakshmi Cement, Rashtriya Chemicals, GAIL, Inox Wind, among others.

Banking stocks, witnessed a sharp decline in their share prices amid a surge in India’s government bond yields. Bank of Maharashtra, which shed 6.3% followed by Bank of India, Union Bank of India, Indian Bank, Canara Bank, State Bank of India, and UCO Bank, all crashing by over 4%.

Amid rise in crude prices, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation closed lower by up to 6%.