By Malvika Gurung
Investing.com -- Indian equity benchmark indices ended a choppy session lower on Tuesday, snapping a 5-day winning streak, retreating sharply and logging the worst day in a week.
The domestic market witnessed bears getting hold of the session and erasing early gains, dampening investor sentiment ahead of the two-day US Federal meet, starting March 15, along with the ongoing geopolitical uncertainty around the Russia-Ukraine crisis and the Chinese equities crashing amid the resurging Covid-19 cases.
Domestic benchmark indices Nifty 50 ended 1.23% lower and BSE Sensex lost 709.17 points or 1.26%, led by heavy sell-off in metals, oil & gas, IT and select financial stocks, while some gains in the auto sector provided support to the domestic market.
Amid looming concerns over the US Fed raising interest rate by a quarter-point in its upcoming meeting, new financial and trade sanctions were imposed on Russia, in conjunction with a suspension on gas imports.
Besides, Feb’s retail inflation print at 6.07%, compared to a poll estimate of 5.93% also provided a setback for the domestic market, cited an ET report.
Tata Consumer Products, Mahindra & Mahindra (NS: MAHM ) and Cipla (NS: CIPL ) were the top gainers on Nifty, rising 2-4% each, while Tata Steel (NS: TISC ), Hindalco and ONGC (NS: ONGC ) declined the most, from 4.9-5.3%.
Hong Kong’s Hang Seng index plunged 5.72%, its lowest since June 2012.
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