Sensex, Nifty slide amid negative global cues

The domestic indices traded lower in early trade on weak global cues. Escalating geopolitical tensions between Russia and Ukraine weighed on the sentiment. All sectoral indices on the NSE traded in the red.

At 9:25 IST, the barometer index, the S&P BSE Sensex, dropped 521.8 points or 0.9% at 57,311.81. The Nifty 50 index lost 164.55 points or 0.95% at 17,111.80.

In the broader market, the S&P BSE Mid-Cap index declined 1.34% while the S&P BSE Small-Cap index lost 2.11%.

The market breadth was weak. On the BSE, 547 shares rose and 2,248 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,529.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,929.08 crore in the Indian equity market on 18 February, provisional data showed.

Stocks in Spotlight:

InterGlobe Aviation lost 3%. The aviation firm informed that Rakesh Gangwal, non-executive, non-independent director has tendered his resignation from the board of directors of the company vide his letter dated February 18, 2022, with immediate effect.

Gujarat Mineral Development Corporation rose 0.04%. The company has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 meters from its earlier approved depth of 94 meters at the Tadkeshwar, Lignite Mines.

Global Markets:

Asian stocks were trading lower on Monday, as investors continued to watch the situation surrounding Ukraine.

China on Monday held steady on a benchmark lending rate, with the one-year loan prime rate (LPR) kept unchanged at 3.7%. The five-year LPR was also kept unchanged at 4.6%.

Meanwhile, French President Emmanuel Macron and Russian leader Vladimir Putin on Sunday agreed to work for a ceasefire in eastern Ukraine, as per reports. They also agreed on "the need to favour a diplomatic solution to the ongoing crisis and to do everything to achieve one", adding that both countries' foreign ministers would meet "in the coming days".

US President Joe Biden is also willing to meet Russia's Vladimir Putin "at any time" to defuse Ukraine war tensions, as per reports, warning Russia appeared on the verge of invading its neighbor.

Wall Street ended lower on Friday after escalating tensions in Ukraine and US warnings of a potential Russian invasion prompted investors to dump risky assets in the run-up to a long weekend.

Markets in the U.S. are closed on Monday for a holiday.

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