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Benchmark indices were trading over 1.5 per cent lower during the afternoon on Tuesday amid weak global cues.
Market opened on a weak note, tracking negative global cues as markets remained on edge after geopolitical tensions between Russia and Ukraine intensified following Russian President Vladimir Putin’s tough stance, recognising Luhansk & Donetsk regions as separate Republics from Ukraine. Indices extended losses in the first half, witnessing across-the-board selling.
At 1 pm, the BSE Sensex was trading at 56,790.44, down 893.15 points or 1.55 per cent. It recorded an intraday high of 57,059.18 and a low of 56,394.85. The Nifty 50 was trading at 16,933.40, down 273.25 points or 1.59 per cent. It recorded an intraday high of 17,023.60 and a low of 16,843.80.
Only ONGC was trading in the green on the Nifty 50 while Tata Steel, TCS, Tata Motors, UPL and BPCL were the top laggards.
The volatility index rose 19.40 per cent to 27.35.
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GLOBAL MARKETS-Stocks skid, oil pops as Ukraine crisis deepens
Asian stocks slide over 2%, brent crude races to 7-year highAccording to Parth Nyati, Founder, Tradingo, the market is witnessing a sharp cut in Tuesday’s trading session on the back of intense geopolitical tension.
“We are in monthly F&O expiry week, therefore we could see a surge in volatility whereas March is going to be a very volatile month due to lots of events like geopolitical uncertainty, results of state elections, US Fed meeting, etc. The overall trend is bullish but we may have high volatility over the next month,” said Nyati.
All in red
On the sectoral front, all indices were trading in red.
Nifty PSU Bank, Nifty Metal and Nifty Realty were down nearly 3 per cent each. Nifty Auto, Nifty IT, Nifty Consumer Durables and Nifty Oil & Gas were each down nearly 2 per cent.
Nifty Bank, Nifty Private Bank, Nifty Financial Services, Nifty FMCG, Nifty Pharma and nifty Healthcare Index were each down over 1 per cent.
Broader market under pressure
Mid-caps and small-caps continued to witness selling pressure with broader indices in the red.
Nifty Midcap 50 was down 1.83 per cent while Nifty Smallcap 50 was down 2.74 per cent. The S&P BSE Midcap was down 1.63 per cent while the S&P BSE Smallcap was down 2.01 per cent.
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