Nifty below 16,500 mark; broader market crashes

The benchmark indices continued trading with major losses in afternoon trade amid weak global cues. All the sectoral indices on the NSE were in the red. The Nifty traded below 16,500 level.

At 13:30 IST, the barometer index, the S&P BSE Sensex, tumbled 1,926.73 points or 3.37% at 55,305.33. The Nifty 50 index slumped 596.10 points or 3.49% at 16,467.15.

Reliance Industries (RIL) (down 3.28%), HDFC Bank (down 3.33%) and Infosys (down 3%) dragged the indices.

In the broader market, the S&P BSE Mid-Cap index skid 4.56%. The S&P BSE Small-Cap index dropped 4.99%.

Sellers outnumbered buyers. On the BSE, 224 shares rose and 3,094 shares fell. A total of 87 shares were unchanged.

Trading sentiment took a hit after Russian President Vladimir Putin said in a public address that he had authorized a military operation in Ukraine. Later the media reported explosions were heard in Kyiv. Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn`t plan to �occupy� its southern neighbour, but that Russia must �defend itself from those who took Ukraine hostage� -- the U.S. and its allies who had crossed Russia`s �red line� with expansion of the NATO alliance.

India has called for an immediate de-escalation of tensions between Russia and Ukraine. India`s Permanent Representative UN, TS Tirumurti cautioned that the situation is in danger of spiraling into a major crisis. He was addressing an emergency meeting of UN Security Council held on Ukraine this morning. This was the second meeting of UNSC this week and the fourth since January 31 as tensions escalated between Russia and Ukraine. Tirumurti emphasized sustained and focused diplomacy to address all issues concerning the situation.

Meanwhile, UN Secretary-General Antonio Guterres made a direct appeal to President Putin to stop Russian troops from attacking Ukraine.

Gainers & Losers:

Hindalco Industries rose 0.63%. It was the sole gainer in Nifty 50 index.

Tata Motors (down 7.47%), Hero MotoCorp (down 7.47%), UPL (down 6.73%), IndusInd Bank (down 5.97%) and Grasim Industries (down 5.36%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Piramal Enterprises dropped 5.07%. On Monday, 28 February 2022, the company said that it will consider and approve the issue of secured, rated, listed, redeemable NCDs up to Rs 100 crore along with an option to retain oversubscription up to Rs 400 crore. The total size will aggregate up to Rs 500 crore, on a private placement basis.

L&T Finance Holdings dropped 9.03%. CitiGroup Global Markets Mauritius and CBNA London sold 6.39 crore equity shares or 4.88% stake of the company on 21 February 2022. Post transaction, CitiGroup Global Markets Mauritius and CBNA London decreased its shareholding to 3.87% stake from 8.75% stake held in L&T Finance Holdings. The deal was executed as secondary market sale.

Windsor Machines tumbled 9.91%. The company developed a new product called SPRINT- 800 for manufacturing thermoplastic products and is ready to be launched in domestic as well as international markets.

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