Sensex, Nifty log 6th straight day of loss amid lingering Ukraine crisis

Market gauges Sensex and Nifty extended their losing streak to the sixth session on Wednesday as lingering Ukraine crisis continued to dent investor sentiment.

The Sensex closed 68.62 points, or 0.12 per cent, lower at 57,232.06; the Nifty ended 28.95 points, or 0.12 per cent down, at 17,063.25.

For a better part of the session, both indices traded in the positive territory, tracking mostly higher Asian peers as investors hoped Western sanctions on Russia after Moscow's troop movements near Ukraine border might soften Vladimir Putin's defiant tone and leave some room to avoid war.

The Sensex breadth was equally divided between gains and losses.

NTPC, Larsen & Toubro, Nestlé, and ICICI Bank shares dropped the most on the index.

"As global markets turned positive, domestic indices opened the day on a positive note. They, however, witnessed high volatility and succumbed to selling pressure to close the day in favour of bears. The impact of geopolitical uncertainties and soaring fuel costs will continue to keep markets across the globe highly volatile. Broader markets outperformed benchmark indices, while on the sectoral front, realty stocks attracted buyers," said Vinod Nair, head of Research at Geojit Financial Services.

Sectorally, BSE Energy, Capital Goods, and Oil & Gas fell as much as 0.54 per cent. Of the 19 sectoral indices, five closed in the red. The broader large-cap index closed with losses, while small-cap and mid-cap indices registered gains. On the foreign exchange market front, the rupee closed 23 paise higher at 74.61, against the dollar.

Elsewhere in Asia, bourses closed mostly higher, hoping that war in Ukraine can be avoided after the US, Japan, and European powers imp­osed sanctions on Russia. Stocks closed lower on Wall Street on Tue­s­day after Russia sent forces into Ukr­aine's eastern regions, escalating tensions. Russian President Putin reco­gnised the independence of two rebel-held regions of Ukraine, raising fears of an imminent full-scale invasion. US Secretary of State Tony Blinken on Tuesday cancelled his scheduled meeting with his Russian counterpart Sergei Lavrov later this week in protest against what he said was the beginning of Russia's invasion of Ukraine.