Bears maintained their dominance on D-Street on Monday as the escalating conflict between Russia and Ukraine spooked investors. Oil prices soared to the highest level since 2008 after the United States said it was discussing a potential embargo on Russian supplies with its allies.
The BSE Sensex extended early losses and plunged up to 1,700 points during the morning session, breaking through the 53,000 barrier, while the NSE Nifty50 lost 450 points to 15,780.
Nifty Auto, Nifty Realty, Nifty Bank, Nifty Private Bank, Nifty PSU Bank and Nifty Financial Services indices were down in the range of 4 percent to 5 percent on the NSE.
A total of 18 stocks from these indices hit their respective 52-week lows. While losses also spread across the broader markets with the BSE MidCap and SmallCap indices slipping 2.3 percent each.
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At noon, the Nifty Bank index was down more than 21 percent from its 52-week high of 41,829.6, having taken its distance from the milestone to 22 percent earlier in the day.
While Bandhan Bank fell 6.37 percent, Axis Bank fell 6 percent. Federal Bank was down 5.79 percent and IndusInd Bank was trading 5.53 percent. Except for Punjab National Bank which traded flat with a positive bias, all others were trading down between 2-5 percent.
BSE Bankex fell close to 5 percent with Bank of Baroda and Axis Bank down close to 8 percent. ICICI Bank fell 6 percent while HDFC Bank is down 4 percent.
Earlier in the day, NSE said two key indexes stopped updating "intermittently" - a glitch that came amid sharp drops in Indian shares after oil prices spiked on fears of a ban on Russian oil.
The blue-chip NSE Nifty 50 index and Nifty's bank index were "intermittently not getting broadcasted," NSE said in a statement.
First Published: Mar 7, 2022 1:23 PM IST
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