Closing Bell: Stock markets tumble 3% amid volatility; Nifty gives up 16,900, Sensex tanks 1700 points

The domestic stock market tumbled 3 per cent amid geo-political tensions between Russia and Ukraine and weak global cues. The Nifty50 slipped below 16,900, while the Sensex ended over 17,00 points lower. The the 50-share Nifty and the 30-share Sensex settled at 16,842.80  and  56,405.84 respectively. 

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TCS was the only stock that ended in the green amid fixing of buyback record date as metal, realty, bank & financial services were worst hit. Nifty small cap and mid cap indices too closed lower by over 4 per cent.  

Metal stocks such as JSW Steel and Tata Steel declined the most. HDFC Life, Tata Motors, HDFC ltd, State Bank of India, ICICI Bank, Kotak Bank, Marut, IndusInd Bank, L&T and Wipro were other top losers on Monday.  

"The Indian market witnessed pullback due to Ukraine and inflation concerns. Oil prices can shoot up further if ongoing tussle between Russia-Ukraine escalates or due to any retaliatory sanctions by the US.  India will be adversely impacted if crude goes any higher, as India will see higher pressure on its BOP, as well as it will import higher inflation. The market is also anxious that with rising inflation (on crude strengthening), the Fed may act faster than expected on tapering as well as rate hike," said Aishvarya Dadheech, Fund Manager, Ambit Asset Management.