The Sensex is Down 613.55 Points, while Banking Stocks are Down

As markets reopened trading post the weekend, the blue-chip NSE Nifty 50 index fell 1.02 percent to 16,621.80 as well as the S&P BSE Sensex fell 1.17 percent to 55,586.67.

Furthermore, market sentiment was harmed by rising international crude costs and continuing foreign capital outflows.

India’s economy grew 5.4 percent from a year ago in the October-December quarter, falling short of economists’ expectations of a 6% increase, amid rising concerns about rising crude oil prices and commodities in the aftermath of Russia’s attack on Ukraine.

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Oil prices reached $110 per barrel for the first time from early July 2014 on Wednesday, as sanctions on Russian banks hampered trade finance for petroleum exports.

In Mumbai, the Nifty financial services sector and the Nifty auto sector index plummeted 2.2 percent and 1.8 percent, respectively.

Following a sell-off in global financial markets amid growing tensions between Russia and Ukraine, the Sensex dropped almost 600 points in the first session on Wednesday.

In the first session on Wednesday, the Sensex fell 613.55 points to 55,633.73. Nifty is now at 16,618.60, down 175.30 points.

Banking equities were mainly down, with ICICI Bank and HDFC Bank taking the brunt of the losses.

Tata Steel was the best performer, with shares up over 3%.

In early trade, the BSE index was down 613.55 points, or 1.09 percent, at 55,633.73. The Nifty also dropped 175.30 points, or 1.04 percent, to 16,618.60.

With a loss of 3.46 percent, ICICI Bank led the Sensex pack, followed by Kotak Bank, Asian Paints, HDFC twins, Maruti, and Ultratech Cement.

On the other hand, Tata Steel, NTPC, Reliance Industries, Tech Mahindra, M&M, and PowerGrid benefited.

The 30-share BSE index closed 388.76 points, or 0.70 percent, higher at 56,247.28 the earlier in the session. Similarly, the NSE Nifty finished at 16,793.90, up 135.50 points or 0.81 percent.

Tuesday’s stock markets were shut down for Mahashivratri.