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Closing Bell: Sensex drops 573 pts from day's high, Nifty below 17,350; SBI, NTPC down 2%

Closing Bell: Sensex drops 573 pts from day's high, Nifty below 17,350; SBI, NTPC down 2%

Closing Bell: Sensex drops 573 pts from day's high, Nifty below 17,350; SBI, NTPC down 2%
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By Kanishka Sarkar  Feb 16, 2022 4:23:27 PM IST (Updated)

Closing Bell: The Sensex and the Nifty50 ended a volatile session on a negative note on Wednesday, as gains in oil & gas and pharma stocks were offset by losses in financial and IT shares.

Indian benchmark equity indices ended a volatile session on Wednesday on a negative note, as gains in oil & gas and pharma stocks were offset by losses in financial and IT shares. Market participants remained cautious a day after headline indices made a smart recovery on easing concerns about the Russia-Ukraine conflict.

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The 30–scrip Sensex ended 0.3 percent or 145.4 points lower at 57,996.7 and the broader blue chip index Nifty50 settled at 17,322.2, down 30.3 points or 0.2 percent from its previous close.
The Sensex moved within a range of 788.9 points during the session. The Nifty gyrated 232.9 points.
Divi's Labs, ONGC, Adani Ports and ICO were the top gainers in the Nifty50 pack, closing between 2.2 percent and 3.1 percent higher. ICICI Bank, SBI and NTPC were the top laggards, falling between 1.7 percent and 1.9 percent.
Headwinds in the form of crude oil prices and geopolitical tensions are impacting the market, Varun Goel, Head-Equity at Nippon India AIF, told CNBC-TV18. He said interest rates definitely are going to go up not just in the the US but also in India. “Our view would be that as long as interest rates can go up in a gradual and calculated manner, we should be ok," he said.
In the short term, global events will impact the market and a 5-15 percent correction is possible, he said. However, he is confident that FY22 will end with 30 percent-plus Nifty50 earnings growth, and "possibly 15-20 percent next year".
The broader market finished the day on a mixed note. The Nifty Midcap 100 dropped 0.3 percent, though its smallcap counterpart managed to rise 0.7 percent.
Vedant Fashions, the owner of brands Manyavar and Mohey, finished the listing day at a premium of nine percent over its issue price.
World stocks crept higher for the second day in a row, while safe-haven assets such as government bonds and gold lost ground, despite Western skepticism over Russian claims of a troop pullback from Ukraine's borders.
The pan-European Stoxx 600 index was up 0.6 percent at the last count. S&P 500 futures were down 0.1 percent, suggesting a muted start ahead on Wall Street.
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