The domestic equity markets corrected nearly 2 per cent amid rising tensions between Russia and Ukraine and soaring crude oil price, which breached $110 mark for the first time on Wednesday. The broader Nifty50 slipped below 16,500, a crucial support, and the Sensex tanked over 1100 points dragged by banking, financial services, healthcare and pharma shares.  

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Benchmarks Nifty50 and the Sensex touched day's lows of 16,499.55 and 55,074.66 as indices extended the losses from morning session. At 12.30 pm, Nifty declined by 292.95 (-1.74%) to 16,500.95 and the Sensex was trading lower by 1144.15 points or 2.03% to 55,103.13.  

The 12-share Nifty Bank declined more than 1200 points to slip below 35,000 as all stocks turned negative on the index with ICICI Bank declining the most by 5%. Among other sectors, Nifty auto, financial services, Private Bank, PSU Bank and Pharma indices dropped between 2 to 3.5% in the afternoon trade. Nifty Metal, oil& gas and media were the only gainers in the afternoon trade.  

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In the broader market, Nifty small cap traded higher by 0.4%, while the midcap index declined 0.3%.  

Coal India, Tata Steel, Hindalco, SBI Life, HDFC Life, Titan, RIL, Power Grid and Nestle India gained up to 7 per cent, while Maruti, Asian Paints, Dr Reddy's, ICICI Bank, HDFC Bank, IndusInd Bank, Kotak Bank and Ultratech cement gained the most.  

As many as 11 shares advanced on the 50-share Nifty, while 5 stocks sat in the green on the Sensex as all other stocks traded negative. 

Russia`s defence ministry said on Wednesday that Russian armed forces have captured the southern Ukrainian city of Kherson, said Reuters quoting RIA news agency.