The key equity benchmarks continued to trade with significant cuts in afternoon trade. The Nifty was trading below the 15,700 mark.
At 13:29 IST, the barometer index, the S&P BSE Sensex, declined 512.84 points or 0.97% to 52,329.91. The Nifty 50 index lost 175.40 points or 1.11% at 15,687.75.
The broader market bucked weak trend. The S&P BSE Mid-Cap index fell 0.61% while the S&P BSE Small-Cap index shed 0.32%.
The market breadth was positive. On the BSE, 1,618 shares rose and 1,581 shares fell. A total of 129 shares were unchanged.
Soaring crude oil prices due to ongoing Russia-Ukraine crisis continued to spook investors. India imports majority of its crude oil requirements. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors. Higher crude oil prices could increase India's expenditure and adversely affects the fiscal deficit.
Nifty Gainers & Losers:
Infosys (up 2.65%), Cipla (up 2.61%), TCS (up 2.60%), NTPC (up 2.27%) and Tech Mahindra (up 2.17%) were the top index gainers.
ONGC (down 4.31%), Tata Motors (down 4.01%), Hindalco (down 3.99%), Eicher Motors (down 3.91%) and JSW Steel (down 3.55%) were the top index losers.
Stocks in Spotlight:
Wipro rose 1.57%. The IT firm announced the appointment of Turki Bin Nader as General Manager and Country Head for the Kingdom of Saudi Arabia (KSA).
Great Eastern Shipping Company (G E Shipping) advanced 1.59%. Greatship (India) (GIL), a wholly owned subsidiary of the company has contracted to sell its 2010 built R-class Platform Supply Vessel 'Greatship Rohini' for scrapping.
Dodla Dairy added 0.18%. The company's board has approved purchase of assets, business, and plant & machinery up to Rs 55 crore. It has also approved funding for subsidiaries Orgafeed, and Dodla Dairy Kenya, up to Rs 40 crore each.
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