Domestic Equities Crash as Global Sentiments Weigh Down Indian Indices

Domestic equities crashed on Wednesday as the key indices Sensex and Nifty tumbled around 1.60 per cent in the afternoon trade. The BSE benchmark Sensex was down 950 points, slipping to 59,716 at 2.15 pm, while NSE Nifty50 tumbled 287 points, to 17,538 levels. All sectors were trading in red, as metal stocks were down 2.54 per cent. Banks and realty stocks were also among the laggards today. The fall in Indian indices was attributed to global markets, US Fed minutes, Russia-Ukraine war, RBI minutes, and Adani stocks rout. US stocks ended nearly 700 points after reports stated that service sector swinged back into expansion in February. Investors are keenly awaiting the minutes of latest US Federal Reserve meeting, scheduled to be released on February 22. There are concerns whether the Fed will change its stance on interest rates and US inflation or remain hawkish. Russian President on Tuesday has suspended a nuclear arms control treaty with US and announced new strategic systems on combat duty, and has also threatened to resume nuclear tests. The Reserve Bank of India is also set to release the minutes of its policy meeting that happened in early February. Investors continue to exit Adani group firms after US-based short seller Hindenburg Research published a report against the conglomerate.