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Indices retreat on profit booking as war concerns back in focus

Oil price rise further dampens investor sentiment; HFDC twins major drags

Sensex in lower top formation

Sensex in lower top formation 

Snapping 2-Session Rally

- BSE Sensex slumped 435.24 pts to 60,176.50

- NSE Nifty tumbled 96 pts to 17,957.40

- HDFC Bank top loser in Sensex pack

- Bajaj Finserv, HDFC, Kotak Bank, RIL, IndusInd Bank and Bajaj Finance among laggards

- NTPC, PowerGrid, ITC, Titan, TCS and Nestle India among gainers

- BSE bankex, finance, realty and teck fell

- Power, utilities, consumer durables, industrials and auto logged gains

Mumbai: Equity benchmarks took a knock on Tuesday after two days of sharp upmoves as investors pocketed gains in banking and financial stocks after their recent rally. HDFC twins, which topped the gainers' chart in the previous session after announcing their mega merger, were the biggest drags on Tuesday. Investor focus also returned to the Russia-Ukraine war and rising oil prices, which hobbled global markets, traders said.

The 30-share BSE Sensex slumped 435.24 points or 0.72 per cent to finish at 60,176.50. Similarly, the NSE Nifty tumbled 96 points or 0.53 per cent to 17,957.40. HDFC Bank was the top loser in the Sensex pack, skidding 2.98 per cent, followed by Bajaj Finserv, HDFC, Kotak Bank, Reliance Industries, IndusInd Bank and Bajaj Finance. On the other hand, NTPC, PowerGrid, ITC, Titan, TCS and Nestle India were among the gainers, surging up to 3.40 per cent. Of the Sensex constituents, 17 shares closed lower while 13 were in the green.

"Main indices took a breather after yesterday's rally and as the global market moderated. But broad market continued its positive trend. Mid and smallcaps have become attractive after the consolidation of the last 5 to 6 months. Such a trend to outperform can be expected with volatility in the short to medium term as Russia-Ukraine war, rate hikes and inflation are factored in the current market price," said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, V-P (research), Religare Broking Ltd, adds: "Markets may consolidate after the recent surge and it would be healthy. However, there'll be no shortage of trading opportunities, thanks to scheduled events like MPC's monetary policy review meet and the beginning of the earnings season.

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