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Closing Bell: Sensex, Nifty50 fail to stay in the green, extend losses to 2nd day; crude oil in focus

Closing Bell: Sensex, Nifty50 fail to stay in the green, extend losses to 2nd day; crude oil in focus

Closing Bell: Sensex, Nifty50 fail to stay in the green, extend losses to 2nd day; crude oil in focus
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By Sandeep Singh  Mar 3, 2022 3:33:45 PM IST (Published)

The Sensex and the Nifty50 finished a choppy session lower on Thursday, as gains in IT and oil & gas shares were offset by losses in financial and auto stocks. Globally, geopolitical uncertainty continued to keep investors nervous one week into Russia's invasion of Ukraine. 

Indian equity benchmarks slid into the red in the second half of a choppy day on Thursday, dragged by financial and automobile shares. Gains in IT and oil & gas shares, however, limited the downside. Globally, geopolitical uncertainty continued to keep investors nervous one week into Russia's invasion of Ukraine.

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Both headline indices finished the day with a cut of 0.7 percent each. The Sensex shed 366.2 points to end at 55,102.7, and the broader Nifty50 benchmark settled at 16,498.1, down 107.9 points from its previous close.
UltraTech, Asian Paints, HDFC Life, Shree Cement, Eicher Motors, SBI Life and Tata Consumer -- falling between 3.1 percent and 6.7 percent -- were among the top blue-chip laggards.
On the other hand, ONGC, UPL, power Grid, Wipro, Tech Mahindra, Indian Oil and Coal India -- rising between 2.2 percent and 4.6 percent -- rose the most among the 18 gainers in the Nifty50 universe.
ICICI Bank, Asian Paints, Reliance Industries and Hindustan Unilever were the biggest drags on the 30-scrip index.
Crude oil inched closer to the $120 per barrel mark after hitting the highest level in almost a decade, and other commodities surged. India meets the lion's share of its demand for oil through imports.
On Wednesday, the OPEC+ grouping of oil pruducers remained committed to modest increases in output, ignoring the Ukraine crisis. The US said it is open to imposing oil & gas sanctions on Russia. 
The Nifty Bank failed to stay in the green after a strong start to the day, retrating almost 860 points from the day's high to close down 1.2 percent. SBI, Axis Bank, ICICI Bank and Kotak Mahindra Bank fell 0.8-2.1 percent. HDFC Bank slipped 0.1 percent.
The IT index rose 1.2 percent for the day.
"The market is punishing teh sectors and stocks that are heavily dependent on oil, and metal and select energy stocks are playing the savior. We are seeing a kind of balancing act in the index. However, negativity in the banking space may result in a fresh fall ahead," said Ajit Mishra, VP-Research at Religare Broking.
Broader markets lost steam in the second half of the day, with the Nifty Smallcap 100 and Midcap 100 gauges finishing the day up and down 0.4 percent respectively. The smallcap index gave up more than three fourth of the day's gain.
From the midcap and smallcap segments, Kajaria Ceramic, Ramco Cements, KSB and Strides Pharma -- down between 3.7 percent and 7.1 percent -- were the top losers. On the flipside, Shipping Corp, Hitachi Energy, Lemontree and Engineers India -- up between 5.5 percent and 16.8 percent -- were the top gainers.
Overall market breadth was in favour of the bulls, with an advance-decline ratio of about 3:2. The NSE 500 -- the bourse's broadest gauge --  saw almost nearly an equal number of stocks on either side of the flatline.
Global markets
European share markets began the day on a negative note tracking weakness across their Asian peers, as newsflow on the Ukraine crisis remained at the centrestage for world equities. The pan-European Stoxx 600 index was down 0.3 percent at the last count.
S&P 500 futures were down 0.1 percent, suggesting a sluggish start ahead on Wall Street.
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