Sensex Recovers 906 points, Nifty Hovers Around 17,100 Mark as Markets Close

The BSE Sensex bounced back, ending 383 points lower, while the Nifty50 index recovered by 248 points.

This comes as the Russia-Ukraine conflict is on the verge of boiling over into a full-scale war. Image used for representative purposes.

(Photo: The Quint) 

India's key indices – S&P BSE Sensex and NSE Nifty 50 – extended their losses from Monday and declined sharply in early trade on Tuesday, 22 February, amid geo-strategic tensions between Ukraine and Russia.

However, there was a recovery in the final trading hour. The BSE Sensex bounced back, ending 383 points lower at 57, 300.6 levels. The Nifty50 index recovered by 248 points to reach 17,092, down by 114 points, Business Standard reported.

Sixteen stocks ended higher on Nifty. Among them, M&M, Eicher Motors, Bajaj Finserv, Hero Moto, ONGC, Kotak Bank, HDFC and Cipla were the highest gainers, gaining between 0.5 and 1.7 percent.

However, TCS, Tata Motors, Tata Steel, SBI Life, Dr Reddy's, and Indian Oil among others ended in the red, down by up to 4 percent, as per reports by Business Standard.

Also, due to threats of crippling sanctions by the United States (US) against Russia, Brent crude went above 99$ a barrel.

Early Trading Hours

At 10:04 am, Sensex traded at 56,786 points, down 1.6 percent or 897 points, whereas Nifty traded at 16,945 points, down 1.5 percent or 262 points, reported IANS.

The Sensex and the Nifty have suffered constant losses over the last few days, with global uncertainties prevailing in global markets due to the ongoing Russia-Ukraine conflict.

Among the stocks, TCS, UPL, Coal India, Tata Motors, and Bharti Airtel were the top five losers among the Nifty 50 companies during the early trade, declining 3.1 percent, 2.9 percent, 2.9 percent, 2.6 percent, and 2.4 percent, respectively.

Russia-Ukraine Tensions Escalate

This comes at a time when Russia declared that it considers two separatist regions in Eastern Ukraine as independent nations.

This is seen by the West as a sign of sharp escalation, that could see the conflict turn into a full-blown war between Russia and Ukraine.

The Indian government had also announced last week that it would dispatch three Vande Bharat Mission aircrafts this month to bring Indians back from Ukraine.

Putin announced his decision in an emotional hour-long televised speech, attacking the West and calling Ukraine a United States colony with "a puppet regime" and also also instructed the Russian troops to assume "the function of peacekeeping" in the Donetsk and Luhansk regions.

Meanwhile, India has sent a special 200-seater Air India flight to bring back Indians stranded in Ukraine on Tuesday morning.

(With inputs from IANS and Business Standard.)