Closing Bell: Nifty closes above 16,600, Sensex ends nearly 800 points lower; metal gains, auto declines

Domestic equity markets closed more than one per cent lower amid Russian soldiers landing in Ukraine’s second-largest city of Kharkiv and crude price breaching record $110 on Wednesday amid heightened tension between Russia and Ukraine. The markets recouped some of the losses in the closing session after dropping nearly 2 per cent as Nifty50 managed to give a closing above 16,600 and Sensex ended nearly 800 points lower after correcting around 1200 points in the afternoon trade.  

Benchmarks Nifty50 and the Sensex closed at 16,605.95 and 55,468.90 respectively.  

The 12-share Nifty Bank too recovered after declining by 1200 points in the afternoon trade as it closed with a loss of more than 800 points to below 35,400.  

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Nifty mid cap index closed flat, while the small cap rose by 0.50%. Among sectors, metal gained over 4 per cent as auto, banking and financial services sectors declined the most on Wednesday.  

"Nifty ended the day on a flat note at the end of a choppy trading session. On the daily chart a doji pattern has formed suggesting indecisiveness. Going forward, 16450 is likely to act as support for the index whereas on the higher end resistance is visible at 16700," said Rupak De, Senior Technical Analyst at LKP Securities. 

Maruti, Dr Reddy's, Asian Paints, Bajaj Auto, Hero MotoCorp, HDFC Limited, ICICI Bank, HDFC Bank, Sun Pharma, Bajaj Finance, Ultratech Cement and NTPC declined the most on Wednesday. Tata Steel, Titan, Reliance Industries, Axis Bank, Nestle India, Coal India, HDFC Life, SBI Life, Tata Steel and Hindalco were top gainers in a negative market. 

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